The Odisha government has dissolved the management committees of the Odisha State Cooperative Bank (OSCB) and the Odisha Cooperative Housing Corporation (OCHC) following allegations of corruption and financial irregularities.
Acting under the Odisha Cooperative Societies Act, the Registrar of Cooperative Societies suspended the committees. The Cooperation department’s commissioner-cum-secretary will now oversee the bank’s affairs.
OSCB President T Prasad Rao Dora challenged the decision in the Orissa High Court, but the bank’s managing director confirmed his removal due to disqualification.
Financial misappropriation of Rs 224.61 crore across various cooperative banks was revealed during a recent audit, according to Cooperation Minister Pradeep Bal Samanta.
