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{{Short description|Indian private co-operative bank}}
{{Short description|Indian private co-operative bank}}
{{Use dmy dates|date=January 2023}}
{{Use Indian English|date=January 2023}}
{{Infobox company
{{Infobox company
| name = Suvarna Sahakari Bank
| name = Suvarna Sahakari Bank
| type = [[Cooperative banking|Co-operative bank]]
| type = [[Privately held company|Private]] [[Urban Co-operative Bank|urban co-operative bank]]
| founded = {{start date and age|1969}}
| founded = {{start date and age|df=yes|1969|09|22}}
| defunct = {{end date and age|2009}}
| defunct = {{end date and age|df=yes|2009|05|20}}
| founder = [[Dnyaneshwar Agashe]]
| fate = [[Merged]] with [[Indian Overseas Bank]]
| num_locations = 12
⚫
| location_city = [[Pune]], [[Maharashtra]]
| num_locations_year = 2009
⚫
| location_country = [[India]]
| area_served = [[Maharashtra]]
| founder = [[Dnyaneshwar Agashe]]
| key_people = {{Unbulleted list|[[Dnyaneshwar Agashe]] ([[managing director]])|[[Ashutosh Agashe]] ([[chairman]])|[[Mandar Agashe]] ([[Director (business)|director]])}}
⚫
| industry = [[Banking]]
⚫
| hq_location_city = [[Shaniwar Peth, Pune]], [[Maharashtra]]
⚫
| hq_location_country = [[India]]
| revenue = {{Unbulleted list|class=nowrap|[[Indian rupee|INR]] [[₹]]5,000,000,000}}
| revenue_year = 2002
| area_served = {{Unbulleted list|[[Pune]]|[[Mumbai]]|[[Shreepur, Maharashtra|Shreepur]]}}
⚫
| industry = [[Banking]]
}}
}}


'''Suvarna Sahakari Bank''' was an Indian private [[Cooperative banking|co-operative bank]] based in [[Pune]], [[Maharashtra]], which operated from its incorporation in 1969 till its dissolution in 2009.
'''Suvarna Sahakari Bank''' was an Indian [[Privately held company|private]] [[urban co-operative bank]] based in [[Pune]], [[Maharashtra]], [[India]], which operated from its incorporation on 22 September 1969 till its dissolution on 20 May 2009.


== History ==
== History ==
The bank was started by [[Dnyaneshwar Agashe]] in 1969.<ref>{{Cite news|url=http://timesofindia.indiatimes.com/city/pune/Dnyaneshwar-Agashe-cremated/articleshow/3934993.cms|title=Dnyaneshwar Agashe cremated|work=[[The Times of India]]|access-date=2018-09-15}}</ref><ref>{{Cite news|url=http://m.timesofindia.com/city/pune/Ex-director-of-Suvarna-bank-dies/articleshow/3932406.cms|title=Ex-director of Suvarna bank dies |work=[[The Times of India]]|access-date=2018-09-15}}</ref> It was started to cater to the banking needs, primarily of [[Pune]]'s middle class [[Marathi people|Marathi]] population.<ref>{{Cite news|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/02/11/5/Ar00510.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=347258&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF|title=Suvarna protestors halt traffic|work=[[The Times of India]]|access-date=2018-09-15}}</ref><ref>{{Cite news|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/23/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=484485&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF|title=Arrests will not solve problems: depositors|work=[[The Times of India]]|access-date=2018-09-15}}</ref> The bank was classified as an [[Urban Co-operative Bank|urban cooperative bank]].<ref>{{cite news |last1=Kumar |first1=K. Ram |title=PMC Bank’s resolution could become a template for rescuing other weak UCBs |url=https://www.thehindubusinessline.com/money-and-banking/pmc-banks-resolution-could-become-a-template-for-rescuing-other-weak-ucbs/article34868091.ece |work=[[Business Line]] |date=June 20, 2021 |language=en}}</ref> As of 1972, the bank was headquartered in [[Shaniwar Peth, Pune]],<ref>{{cite book |title=The Industrial & Commercial Directory of Poona |date=1972 |publisher=[[Mahratta Chamber of Commerce, Industries and Agriculture]] |page=126 |url=https://www.google.co.uk/books/edition/The_Industrial_Commercial_Directory_of_P/75NXAAAAMAAJ?hl=en&gbpv=1&bsq=Shree+Suvarna+Sahakari+Bank+Limited&dq=Shree+Suvarna+Sahakari+Bank+Limited&printsec=frontcover |language=en}}</ref> with the [[Reserve Bank of India]] (RBI) approving the bank's ability to loan [[Credit|credit schemes]] for [[Small and medium-sized enterprises|small-scale industries]] that same year.<ref>{{cite book |last1=India |first1=Reserve Bank of |title=Special Credit Schemes of Banks, Guidelines: Report of the Committee on Banks' Credit Schemes with Reference to Employment Potential, Guarantee Scheme for Small Loans to Priority and Neglected Sectors, Guarantee Scheme for Loans to Small-scale Industries, Financing of Agriculture by Commercial Banks, Guidelines |date=1972 |publisher=[[Reserve Bank of India]] |location=[[University of Michigan]] |page=140 |url=https://www.google.com/books/edition/Special_Credit_Schemes_of_Banks_Guidelin/IEzlAAAAMAAJ?hl=en&gbpv=0&bsq=Shree%20Suvarna%20Sahakari%20Bank%20Limited |language=en}}</ref> In 1976, the bank's schemes featured in [[B. R. Ambedkar]]'s articles on [[family planning]].<ref>{{cite book |last1=Mangudkar |first1=Manikrao Padmana |title=Dr. Ambedkar and Family Planning |date=1976 |publisher=S. Mangudkar |pages=66-67 |url=https://www.google.com/books/edition/Dr_Ambedkar_and_Family_Planning/6uckAAAAYAAJ?hl=en&gbpv=1&bsq=Shree+Suvarna+Sahakari+Bank+Limited&dq=Shree+Suvarna+Sahakari+Bank+Limited&printsec=frontcover |language=en}}</ref> From 1990, the bank had nine [[Branch (banking)|branches]] in Pune, two in [[Mumbai]] and one in [[Shreepur, Maharashtra|Shreepur]] till the time of its dissolution in 2009.<ref>{{cite news |title=Cosmos lead race to buy Suvarna Co-op |url=https://mnacritique.mergersindia.com/news/cosmos-lead-race-to-buy-suvarna-co-op/ |access-date=15 January 2022 |work=Mergers India}}</ref><ref>{{cite book |title=Pune A to Z: Map Directory with Classified Commercial Index |date=1990 |publisher=S. P. Barve |location=[[University of Michigan]] |page=33 |url=https://www.google.com/books/edition/Pune_A_to_Z/duYZAQAAMAAJ?hl=en&gbpv=1&dq=Shree+Suvarna+Sahakari+Bank+Limited&pg=RA1-PA33&printsec=frontcover |language=en}}</ref> By 2002, the bank initiated [[online banking]], and was reportedly worth Rs. 500 [[crore]].<ref>{{cite book |title=Business India |date=2002 |publisher=A.H. Advani |page=24 |url=https://www.google.com/books/edition/Business_India/XapIAAAAYAAJ?hl=en&gbpv=1&bsq=Shree+Suvarna+Sahakari+Bank+Limited&dq=Shree+Suvarna+Sahakari+Bank+Limited&printsec=frontcover |language=en}}</ref> By 2003, the bank had installed [[Sarvatra Technologies]]' proprietary [[point of sale]] terminal.<ref>{{cite news |title=New software boon for co-op. bank clients |url=https://timesofindia.indiatimes.com/city/pune/New-software-boon-for-co-op-bank-clients/articleshow/94360.cms |work=[[The Times of India]] |date=July 25, 2003 |language=en}}</ref> In 2004, [[Ashutosh Agashe]] was elected the bank's [[chairman]].<ref>{{cite news|title=Agashe heads Suvarna Sahakari|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2004/09/03/3/Ar00304.xml&CollName=TOI_PUNE_ARCHIVE&DOCID=164529&Keyword=%28%28%3Cmany%3E%3Cstem%3EAshutosh%3Cphrase%3E%3Cmany%3E%3Cstem%3EAgashe%29%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=3 September 2004}}</ref>
The bank was started by [[Dnyaneshwar Agashe]] on 22 September 1969.<ref>{{Cite news |url=http://timesofindia.indiatimes.com/city/pune/Dnyaneshwar-Agashe-cremated/articleshow/3934993.cms |title=Dnyaneshwar Agashe cremated |date=5 January 2009 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |access-date=15 September 2018}}</ref><ref>{{Cite news |url=https://timesofindia.indiatimes.com/city/pune/Ex-director-of-Suvarna-bank-dies/articleshow/3932406.cms |title=Ex-director of Suvarna bank dies |date=4 January 2009 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |access-date=15 September 2018}}</ref> [[S. K. Wankhede]] inaugurated the opening of its first branch.<ref>{{cite book |last1=Umarji |first1=G. H. |url=http://www.worldcat.org/oclc/992168227 |editor1-last=Barve |editor1-first=Ramesh |editor2-last=Vartak |editor2-first=Taraprakash |editor3-last=Belvalkar |editor3-first=Sharchandra |title=Putra Viśvastācā : Gaurava Grantha : Jñāneśvara Āgāśe shashṭyabdipūrti nimitta |date=2002 |location=Puṇe |isbn=978-1-5323-4594-4 |page=72 |oclc=992168227 |language=mr |access-date=25 August 2022 |via=[[WorldCat]]}}</ref> It was started to cater to the banking needs, primarily of [[Pune]]'s middle class [[Marathi people|Marathi]] population.<ref name="TOI 1">{{Cite news |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/02/11/5/Ar00510.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=347258&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription |archive-url=https://web.archive.org/web/20171222054057/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/02/11/5/Ar00510.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=347258&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=22 December 2017 |title=Suvarna protestors halt traffic |work=[[The Times of India]] |date=11 February 2008 |location=[[Pune]] |access-date=15 September 2018}}</ref><ref name="TOI 2">{{Cite news |url=https://timesofindia.indiatimes.com/city/pune/arrest-will-not-solve-our-problems-say-depositors/articleshow/3745937.cms |title=Arrests will not solve problems: depositors |date=23 November 2008 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |location=[[Pune]] |access-date=25 August 2022}}</ref> The bank was classified as an [[Urban Co-operative Bank|urban cooperative bank]],<ref>{{cite news |last1=Kumar |first1=K. Ram |title=PMC Bank's resolution could become a template for rescuing other weak UCBs |url=https://www.thehindubusinessline.com/money-and-banking/pmc-banks-resolution-could-become-a-template-for-rescuing-other-weak-ucbs/article34868091.ece |work=[[Business Line]] |date=20 June 2021 |location=[[Mumbai]] |access-date=25 August 2022 |language=en}}</ref> and was one of the authoirised [[credit]] guarantors for [[Small business|small-scale industries]] by February 1971.<ref>{{cite book |author1=Reserve Bank of India |author1-link=Reserve Bank of India |title=Supplement to the Reserve Bank of India |date=February 1971 |location=[[Mumbai]] |page=93 |url=https://dspace.gipe.ac.in/xmlui/bitstream/handle/10973/33794/GIPE-137415.pdf?sequence=2&isAllowed=y |access-date=22 February 2024 |via=[[Gokhale Institute of Politics and Economics]]}}</ref>

As of 1972, the bank was headquartered in [[Shaniwar Peth, Pune]],<ref>{{cite book |title=The Industrial & Commercial Directory of Poona |date=1972 |publisher=[[Mahratta Chamber of Commerce, Industries and Agriculture]] |page=126 |url=https://books.google.com/books?id=75NXAAAAMAAJ |access-date=25 August 2022 |via=[[University of Michigan]] |language=en}}</ref> with the [[Reserve Bank of India]] (RBI) approving the bank's ability to loan [[Credit|credit schemes]] for [[Small and medium-sized enterprises|small-scale industries]] that same year.<ref>{{cite book |title=Special Credit Schemes of Banks, Guidelines: Report of the Committee on Banks' Credit Schemes with Reference to Employment Potential, Guarantee Scheme for Small Loans to Priority and Neglected Sectors, Guarantee Scheme for Loans to Small-scale Industries, Financing of Agriculture by Commercial Banks, Guidelines |date=1972 |author=[[Reserve Bank of India]] |via=[[University of Michigan]] |page=140 |url=https://books.google.com/books?id=IEzlAAAAMAAJ |access-date=25 August 2022 |language=en}}</ref> [[Panditrao Agashe|Jagdish Agashe]] also served as the bank's [[manager]] at the time.<ref>{{cite book |title=Industrial and Commercial Directory of Pune |date=1972 |publisher=[[Mahratta Chamber of Commerce, Industries and Agriculture|Mahratta Chamber of Commerce and Industries]] |location=[[Pune]] |page=307 |url=https://dspace.gipe.ac.in/xmlui/handle/10973/21729?show=full |access-date=22 February 2024 |via=[[Gokhale Institute of Politics and Economics]]}}</ref> In 1976, the bank's schemes featured in [[B. R. Ambedkar]]'s articles on [[family planning]].<ref>{{cite book |editor-last1=Mangudkar |editor-first1=Manikrao Padmana |title=Dr. Ambedkar and Family Planning |date=1976 |publisher=S. Mangudkar |pages=66–67 |url=https://books.google.com/books?id=6uckAAAAYAAJ |access-date=25 August 2022 |via=[[University of Virginia]] |language=en}}</ref>

From 1990, the bank had nine [[Branch (banking)|branches]] in Pune, two in [[Mumbai]] and one in [[Shreepur, Maharashtra|Shreepur]] till the time of its dissolution in 2009.<ref>{{cite news |title=Cosmos lead race to buy Suvarna Co-op |url=https://mnacritique.mergersindia.com/news/cosmos-lead-race-to-buy-suvarna-co-op/ |date=3 April 2016 |access-date=15 January 2022 |work=Mergers India}}</ref><ref>{{cite book |title=Pune A to Z: Map Directory with Classified Commercial Index |date=1990 |publisher=S. P. Barve |via=[[University of Michigan]] |page=33 |url=https://books.google.com/books?id=duYZAQAAMAAJ |access-date=25 August 2022 |language=en}}</ref> In 1998, the bank organized an inter-bank cricket tournament in honour of [[Panditrao Agashe]].<ref>{{cite news |title=Inter-bank cricket from Oct 28 |url=https://indianexpress.com/article/news-archive/inter-bank-cricket-from-oct-28/ |access-date=17 August 2022 |work=[[The Indian Express]] |agency=[[The Indian Express|Express News Service]] |date=26 October 1998 |language=en}}</ref> By 2002, the bank initiated [[online banking]], and was reportedly worth Rs. 500 [[crore]].<ref>{{cite book |title=Business India |date=2002 |publisher=A.H. Advani |page=24 |url=https://books.google.com/books?id=XapIAAAAYAAJ |access-date=25 August 2022 |via=[[University of Virginia]] |language=en}}</ref> By 2003, the bank had installed [[Sarvatra Technologies]]' proprietary [[point of sale]] terminal.<ref>{{cite news |title=New software boon for co-op. bank clients |url=https://timesofindia.indiatimes.com/city/pune/New-software-boon-for-co-op-bank-clients/articleshow/94360.cms |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |location=[[Pune]] |date=25 July 2003 |access-date=25 August 2022 |language=en}}</ref> In 2004, [[Ashutosh Agashe]] was elected the bank's [[chairman]].<ref>{{cite news |title=Agashe heads Suvarna Sahakari |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2004/09/03/3/Ar00304.xml&CollName=TOI_PUNE_ARCHIVE&DOCID=164529&Keyword=%28%28%3Cmany%3E%3Cstem%3EAshutosh%3Cphrase%3E%3Cmany%3E%3Cstem%3EAgashe%29%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription |access-date=25 August 2022 |archive-url=https://web.archive.org/web/20171116131602/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2004/09/03/3/Ar00304.xml&CollName=TOI_PUNE_ARCHIVE&DOCID=164529&Keyword=%28%28%3Cmany%3E%3Cstem%3EAshutosh%3Cphrase%3E%3Cmany%3E%3Cstem%3EAgashe%29%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=16 November 2017 |work=[[The Times of India]] |date=3 September 2004}}</ref>


== 2008 scam allegations ==
== 2008 scam allegations ==
=== Background ===
=== Background ===
In 2004, Dnyaneshwar Agashe, chairman of the [[Maharashtra Cricket Association]] (MCA) at the time, was denied his right to vote in the [[Board of Control for Cricket in India]]'s (BCCI) Presidential Elections due to allegations of factionalism within the MCA.<ref>{{Cite news|url=http://m.timesofindia.com/city/pune/Factionalism-in-state-scuttled-Pawars-chances/articleshow/868599.cms|title=Factionalism in state scuttled Pawar's chances|work=[[The Times of India]]|access-date=2017-03-12}}</ref> The denial to Agashe to exercise his franchise saw [[Sharad Pawar]] losing by one vote in the election for the post of the [[Presidents of the Board of Control for Cricket in India|President of the BCCI]].<ref>{{Cite web|url=https://zeenews.india.com/home/agashe-consulting-lawyers-to-file-writ-petition_180121.html|title=Agashe consulting lawyers to file writ petition|date=2004-10-01|website=[[Zee News]]|language=en|access-date=2019-04-12}}</ref><ref>{{Cite web|url=http://www.tribuneindia.com/2005/20050115/sports.htm#1|title=BCCI to hold AGM on January 27|date=15 January 2005|website=[[The Tribune (Chandigarh)|The Tribune]]|location=[[Chennai]]|access-date=2017-12-17}}</ref><ref>{{Cite news|url=http://www.business-standard.com/article/economy-policy/pawar-out-on-dalmiya-googly-104093001078_1.html|title=Pawar out on Dalmiya googly|last=Bureau|date=2004-09-30|work=[[Business Standard]]|access-date=2017-12-17}}</ref> By 2006, the bank business started having financial troubles, with some sources alleging that the bank's failure was backlash for the controversial BCCI presidential elections.<ref name="Hindustan Times S">{{cite news |url= http://blogs.hindustantimes.com/singly-political/2010/04/16/its-tharoor’s-cricket-versus-pawar’s/
In 2004, Dnyaneshwar Agashe, chairman of the [[Maharashtra Cricket Association]] (MCA) at the time, was denied his right to vote in the [[Board of Control for Cricket in India]]'s (BCCI) Presidential Elections due to allegations of factionalism within the MCA.<ref>{{Cite news |url=https://timesofindia.indiatimes.com/city/pune/Factionalism-in-state-scuttled-Pawars-chances/articleshow/868599.cms |title=Factionalism in state scuttled Pawar's chances |date=20 September 2004 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |location=[[Pune]]/[[Kolkata]] |access-date=12 March 2017}}</ref> The denial to Agashe to exercise his franchise saw [[Sharad Pawar]] losing by one vote in the election for the post of the [[Presidents of the Board of Control for Cricket in India|President of the BCCI]].<ref>{{Cite news |url=https://zeenews.india.com/home/agashe-consulting-lawyers-to-file-writ-petition_180121.html |title=Agashe consulting lawyers to file writ petition |date=1 October 2004 |work=[[Zee News]] |language=en |access-date=12 April 2019 |url-status=deviated |archive-url=https://web.archive.org/web/20161011114746/https://zeenews.india.com/home/agashe-consulting-lawyers-to-file-writ-petition_180121.html |archive-date=11 October 2016 |location=[[Pune]]}}</ref><ref>{{Cite news |url=http://www.tribuneindia.com/2005/20050115/sports.htm#1 |title=BCCI to hold AGM on January 27 |date=15 January 2005 |work=[[The Tribune (Chandigarh)|The Tribune]] |agency=[[Press Trust of India]] |location=[[Chennai]] |access-date=17 December 2017}}</ref><ref>{{Cite news |url=http://www.business-standard.com/article/economy-policy/pawar-out-on-dalmiya-googly-104093001078_1.html |title=Pawar out on Dalmiya googly: NCP leader not to move court |date=30 September 2004 |work=[[Business Standard]] |location=[[Kolkata]] |access-date=17 December 2017}}</ref> By 2006, the bank business started having financial troubles, with some sources alleging that the bank's failure was backlash for the controversial BCCI presidential elections.<ref name="Hindustan Times S">{{cite news |url=http://blogs.hindustantimes.com/singly-political/2010/04/16/its-tharoor’s-cricket-versus-pawar’s/
⚫
|archive-url= https://web.archive.org/web/20100420062843/http://blogs.hindustantimes.com/singly-political/2010/04/16/its-tharoor%E2%80%99s-cricket-versus-pawar%E2%80%99s/ |url-status=dead |archive-date=20 April 2010 |title=Its Tharoor's cricket versus Pawar's |work=[[The Hindustan Times]] |first=Sujata |last=Anandan |access-date=17 August 2016}}</ref> In September that same year, the cooperative bank was put under [[moratorium (law)|moratorium]] by the [[Reserve Bank of India]].<ref>{{Cite news |url=http://www.financialexpress.com/archive/suvarna-sahakari-bank-placed-under-moratorium/177877/ |title=Suvarna Sahakari Bank placed under moratorium |work=[[The Financial Express (India)|The Financial Express]] |date=16 September 2006 |location=[[Pune]] |access-date=15 September 2018 |language=en-US}}</ref><ref name="India Express">{{cite news |url=http://indianexpress.com/article/cities/pune/agashe-dead-depositors-now-pin-hopes-on-iob/ |title=Agashe dead; depositors now pin hopes on IOB |work=[[The Indian Express]] |first= Nisha |last=Nambiar |date=4 January 2009 |access-date=18 August 2016}}</ref> The board of directors for the bank was superseded soon after.<ref>{{cite news |title=Suvarna bank board superseded |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2006/09/16/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=202051&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription |archive-url=https://web.archive.org/web/20171222054055/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2006/09/16/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=202051&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=22 December 2017 |access-date=25 August 2022 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=16 September 2006}}</ref> The moratorium came into effect on 14 October 2006, with the media demanding that the RBI launch an investigation of the bank's [[auditor]]s.<ref>{{cite news |title=Role of RBI, auditors must be investigated |url=https://punemirror.com/pune/cover-story/role-of-rbi-auditors-must-be-investigated/cid5261589.htm |access-date=16 August 2022 |work=[[Pune Mirror]] |date=4 December 2008 |language=en-IN}}</ref>
|archive-url= https://web.archive.org/web/20100420062843/http://blogs.hindustantimes.com/singly-political/2010/04/16/its-tharoor%E2%80%99s-cricket-versus-pawar%E2%80%99s/
|url-status= dead
|archive-date= April 20, 2010
⚫
|title=Its Tharoor's cricket versus Pawar's|work=[[Hindustan Times]]|first= Sujata |last=Anandan|year=2010|access-date=2016-08-17}}</ref> In September that same year, the cooperative bank was put under [[moratorium (law)|moratorium]] by the [[Reserve Bank of India]].<ref>{{Cite news|url=http://www.financialexpress.com/archive/suvarna-sahakari-bank-placed-under-moratorium/177877/|title=Suvarna Sahakari Bank placed under moratorium|work=[[The Financial Express (India)|The Financial Express]]|access-date=2018-09-15|language=en-US}}</ref><ref name="India Express">{{cite news |url= http://indianexpress.com/article/cities/pune/agashe-dead-depositors-now-pin-hopes-on-iob/ |title=Agashe dead; depositors now pin hopes on IOB|work=[[Indian Express]]|first= Nisha|last=Nambiar|year=2009|access-date=2016-08-18}}</ref> The board of directors for the bank was superseded soon after.<ref>{{cite news|title=Suvarna bank board superseded|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2006/09/16/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=202051&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=16 September 2006}}</ref>


In 2007, following the order of moratorium, the State Department of Cooperation appointed Mukund Ghaisas as administrator at the bank.<ref>{{cite news|title=Ghaisas Suvarna bank administrator|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2007/06/01/3/Ar00303.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=25821&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=1 June 2007}}</ref> Many of the bank's depositors held demonstrations at Agashe's Aundh residence and threatened criminal actions against the Agashe family,<ref>{{cite news|title=Suvarna protestors halt traffic|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/02/11/5/Ar00510.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=347258&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=11 February 2008}}</ref> after which a speedy [[Mergers and acquisitions|merger]] was promised by Agashe.<ref>{{cite news|title=Arrests will not solve problems: Depositors|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/23/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=484485&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=23 November 2008}}</ref> Initial [[Non-performing Asset|non performing assets]] totaled Rs. 125 [[crore]], 13% against the seven per cent maximum allowable under the RBI norms.<ref name="Business Standard">{{cite news|title=Suvarna may merge with Cosmos Co-operative|url=http://www.business-standard.com/article/finance/suvarna-may-merge-with-cosmos-co-operative-106091201020_1.html|work=[[Business Standard]]|date=12 September 2006}}</ref> After the [[non-performing assets]] of the bank grew to more than 43%, account holders and depositors held a day long token fast to protest against the misinformation provided in regards to the alleged duped loans.<ref>{{cite news|title=Token fast outside Suvarna bank today|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/04/28/6/Ar00602.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=386840&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=28 April 2008}}</ref>
In 2007, following the order of moratorium, the State Department of Cooperation appointed Mukund Ghaisas as administrator at the bank.<ref>{{cite news |title=Ghaisas Suvarna bank administrator |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2007/06/01/3/Ar00303.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=25821&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription |access-date=25 August 2022 |archive-url=https://web.archive.org/web/20171222054020/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2007/06/01/3/Ar00303.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=25821&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=22 December 2017 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=1 June 2007}}</ref> Many of the bank's depositors held demonstrations at Agashe's Aundh residence and threatened criminal actions against the Agashe family,<ref name="TOI 1"/> after which a speedy [[Mergers and acquisitions|merger]] was promised by Agashe.<ref name="TOI 2"/> Initial [[Non-performing Asset|non performing assets]] totaled Rs. 125 [[crore]], 13% against the seven per cent maximum allowable under the RBI norms,<ref name="Business Standard">{{cite news |title=Suvarna may merge with Cosmos Co-operative |url=http://www.business-standard.com/article/finance/suvarna-may-merge-with-cosmos-co-operative-106091201020_1.html |access-date=25 August 2022 |work=[[Business Standard]] |location=[[Mumbai]]/[[Pune]] |date=12 September 2006}}</ref> despite reports from June 2007 claiming that the bank would resume regular operations by late 2007.<ref>{{cite news |title=Suvarna nearing normal functions |url=https://timesofindia.indiatimes.com/city/pune/suvarna-nearing-normal-functions/articleshow/2095975.cms |access-date=17 August 2022 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=4 June 2007 |language=en |location=[[Pune]]}}</ref> After the [[non-performing assets]] of the bank grew to more than 43%, account holders and depositors held a day long token fast to protest against the misinformation provided in regards to the alleged duped loans.<ref>{{cite news |title=Token fast outside Suvarna bank today |url=https://timesofindia.indiatimes.com/city/pune/token-fast-outside-suvarna-bank-today/articleshow/2989329.cms |access-date=25 August 2022 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=28 April 2008 |location=[[Pune]]}}</ref>


In 2008, the RBI gave the bank permission to pay interest on deposits made from January to June 2008; Agashe mortgaged personal property worth Rs. 200 crore in lieu of the recovery of the deposits worth Rs. 725 crore.<ref>{{cite news|title=Suvarna to pay interest on deposits from Jan|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/05/19/3/Ar00302.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=396959&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=19 May 2008}}</ref> Hotel Ranjeet, a hotel owned by Agashe was auctioned off for the same reasons.<ref>{{cite news|title=City hotel auctioned to recover dues|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2007/06/21/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=34397&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=21 June 2007}}</ref> [[Cosmos Bank]] planned to acquire the bank after it hit this roadblock with the [[Reserve Bank of India|RBI]] and the subsequent announcement of the proposed merger with Cosmos led to large-scale panic withdrawals by Suvarna customers.<ref name="Business Standard" /><ref name="Financial Express">{{cite news |url= http://www.financialexpress.com/archive/suvarna-sahakari-bank-placed-under-moratorium/177877/|title=Suvarna Sahakari Bank placed under moratorium|work=[[The Financial Express (India)|The Financial Express]]|year=2006|quote= The Cosmos Banks plans to acquire the Shree Suvarna Sahakari Bank has hit a roadblock with the Reserve Bank placing the Suvarna Sahakari Bank under moratorium. |access-date=19 August 2016}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/finance/suvarna-cheque-clearance-blocked-106091401057_1.html|title=Suvarna cheque clearance blocked|last=Reporter|first=B. S.|date=2006-09-14|work=[[Business Standard]]|access-date=2018-09-15}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/finance/shree-suvarna-cosmos-co-op-bk-in-merger-talks-106091100033_1.html|title=Shree Suvarna, Cosmos Co-op Bk in merger talks|last=Reporter|first=B. S.|date=2006-09-11|work=[[Business Standard]]|access-date=2018-09-15}}</ref>
In 2008, the RBI gave the bank permission to pay interest on deposits made from January to June 2008; Agashe mortgaged personal property worth Rs. 200 crore in lieu of the recovery of the deposits worth Rs. 725 crore.<ref name="TOI 3">{{cite news |title=Suvarna to pay interest on deposits from Jan |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/05/19/3/Ar00302.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=396959&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-url=https://web.archive.org/web/20190105043628/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/05/19/3/Ar00302.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=396959&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-status=dead |archive-date=5 January 2019 |url-access=subscription |access-date=25 August 2022 |work=[[The Times of India]] |date=19 May 2008}}</ref> Hotel Ranjeet, a hotel owned by Agashe was auctioned off for the same reasons.<ref>{{cite news |title=City hotel auctioned to recover dues |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2007/06/21/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=34397&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-url=https://web.archive.org/web/20190105043544/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2007/06/21/3/Ar00300.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=34397&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-status=dead |archive-date=5 January 2019 |url-access=subscription |access-date=25 August 2022 |work=[[The Times of India]] |date=21 June 2007}}</ref> [[Cosmos Bank]] planned to acquire the bank after it hit this roadblock with the [[Reserve Bank of India|RBI]] and the subsequent announcement of the proposed merger with Cosmos led to large-scale panic withdrawals by Suvarna customers.<ref name="Business Standard"/><ref name="Financial Express">{{cite news |url= http://www.financialexpress.com/archive/suvarna-sahakari-bank-placed-under-moratorium/177877/|title=Suvarna Sahakari Bank placed under moratorium |work=[[The Financial Express (India)|The Financial Express]] |date=16 September 2006 |location=[[Pune]] |access-date=19 August 2016}}</ref><ref>{{Cite news |url=https://www.business-standard.com/article/finance/suvarna-cheque-clearance-blocked-106091401057_1.html |title=Suvarna cheque clearance blocked |date=14 September 2006 |work=[[Business Standard]] |location=[[Pune]] |access-date=15 September 2018}}</ref><ref>{{Cite news |url=https://www.business-standard.com/article/finance/shree-suvarna-cosmos-co-op-bk-in-merger-talks-106091100033_1.html |title=Shree Suvarna, Cosmos Co-op Bk in merger talks |date=11 September 2006 |work=[[Business Standard]] |location=[[Pune]] |access-date=15 September 2018}}</ref>


=== Allegations and arrests ===
=== Allegations and arrests ===
On 22 November 2008, Agashe, along with 14 other board members (including his sons [[Mandar Agashe|Mandar]] and [[Ashutosh Agashe]]),<ref>{{cite news |title=Mandar Agashe in police custody. |work=[[Daily News & Analysis|DNA]] |url=https://cataleg.bnc.cat/iii/cas/login?service=https%3A%2F%2Fexplora.bnc.cat%3A443%2Fiii%2Fencore%2Fj_acegi_cas_security_check&lang=eng&suite=def |date=2 May 2009 |via=[[National Library of Catalonia]]}}</ref><ref>{{cite news |title=Son's bail rejected. |work=[[Daily News & Analysis|DNA]] |url=https://cataleg.bnc.cat/iii/cas/login?service=https%3A%2F%2Fexplora.bnc.cat%3A443%2Fiii%2Fencore%2Fj_acegi_cas_security_check&lang=eng&suite=def |date=1 April 2009 |via=[[National Library of Catalonia]]}}</ref> was taken into judicial custody; the bank business was charged with a Rs. 436.74 crore scam allegation.<ref>{{Cite news|url=http://timesofindia.indiatimes.com/city/pune/Agashe-others-sent-to-judicial-custody/articleshow/3753033.cms|title=Agashe, others sent to judicial custody|date=25 November 2008|work=[[Times of India]]|access-date=2017-03-12}}</ref><ref>{{Cite news|url=http://archive.indianexpress.com/news/cooperative-bank-fraud-lands-21-in-soup-15-/389364/|title=Cooperative bank fraud lands 21 in soup, 15 arrested|work=[[Indian Express]]|language=en-gb|access-date=2018-09-15}}</ref> The arresting police stated that the accused along with six others allegedly misused their rights and sanctioned loans mostly to firms owned by themselves and then defaulted the loans, thereby duping the depositors. The arrests were made after a complaint was filed by Rajesh Jadhavar, a special [[auditor]] with the Cooperatives Department at the [[Maharashtra]] [[government]].<ref name="Businesses Standards">{{cite news |url= http://www.business-standard.com/article/finance/pune-coop-bank-in-rs-436-cr-scam-108112301024_1.html|title=Pune coop bank in Rs 436-cr scam|work=[[Business Standard]]|year=2008|access-date=2016-08-17}}</ref>
On 22 November 2008, Agashe, along with 14 other board members (including his sons [[Mandar Agashe|Mandar]] and [[Ashutosh Agashe]]),<ref>{{cite news |title=Mandar Agashe in police custody. |work=[[Daily News & Analysis|DNA]] |url=https://cataleg.bnc.cat/iii/cas/login?service=https%3A%2F%2Fexplora.bnc.cat%3A443%2Fiii%2Fencore%2Fj_acegi_cas_security_check&lang=eng&suite=def |url-access=subscription |access-date=25 August 2022 |date=2 May 2009 |via=[[National Library of Catalonia]]}}</ref><ref>{{cite news |title=Son's bail rejected |work=[[Daily News & Analysis|DNA]] |url=https://cataleg.bnc.cat/iii/cas/login?service=https%3A%2F%2Fexplora.bnc.cat%3A443%2Fiii%2Fencore%2Fj_acegi_cas_security_check&lang=eng&suite=def |url-access=subscription |access-date=25 August 2022 |date=1 April 2009 |via=[[National Library of Catalonia]]}}</ref> was taken into judicial custody; the bank business was charged with a Rs. 436.74 crore scam allegation.<ref>{{Cite news |url=http://timesofindia.indiatimes.com/city/pune/Agashe-others-sent-to-judicial-custody/articleshow/3753033.cms |title=Agashe, others sent to judicial custody |date=25 November 2008 |location=[[Pune]] |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |access-date=12 March 2017}}</ref><ref>{{Cite news |url=http://archive.indianexpress.com/news/cooperative-bank-fraud-lands-21-in-soup-15-/389364/ |title=Cooperative bank fraud lands 21 in soup, 15 arrested |date=23 November 2008 |location=[[Pune]] |work=[[The Indian Express]] |agency=[[The Indian Express|Express News Service]] |language=en-gb |access-date=15 September 2018}}</ref> The arresting police stated that the accused along with six others allegedly misused their rights and sanctioned loans mostly to firms owned by themselves and then defaulted the loans, thereby duping the depositors. The arrests were made after a complaint was filed by Rajesh Jadhavar, a special [[auditor]] with the Cooperatives Department at the [[Maharashtra]] [[government]].<ref name="Businesses Standards">{{cite news |url=http://www.business-standard.com/article/finance/pune-coop-bank-in-rs-436-cr-scam-108112301024_1.html |title=Pune coop bank in Rs 436-cr scam |work=[[Business Standard]] |date=23 November 2008 |location=[[Pune]] |access-date=17 August 2016}}</ref> The case was registered as an [[economic crime]].<ref>{{cite news |title=Cops can't register case as co-operation dept probe still on' |url=https://timesofindia.indiatimes.com/city/pune/cops-cant-register-case-as-co-operation-dept-probe-still-on/articleshow/3745922.cms |access-date=17 August 2022 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=23 November 2008 |location=[[Pune]] |language=en}}</ref>


The judicial magistrate remanded Agashe and the 14 other suspects to police custody, with provisions of medical assistance if required, citing the senior citizenship of a majority of the accused.<ref>{{cite news|title=Suvarna co-op bank case: 15 arrested|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/23/1/Ar00102.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=484463&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=23 November 2008}}</ref> The economics offenses wing of the crime branch conducted a raid of all the homes of the accused, including Agashe's [[Aundh, Pune|Aundh]] home to recover Rs. 1.5 [[lakh]]s. The prosecution stated that upon discovery of the money, further interrogation of the accused was necessary and alleged that the accused had disbursed loans to people close to them by flouting RBI rules.
The judicial magistrate remanded Agashe and the 14 other suspects to police custody, with provisions of medical assistance if required, citing the senior citizenship of a majority of the accused.<ref>{{cite news |title=Suvarna co-op bank case: 15 arrested |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/23/1/Ar00102.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=484463&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription |access-date=25 August 2022 |archive-url=https://web.archive.org/web/20171114202748/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/23/1/Ar00102.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=484463&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=14 November 2017 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=23 November 2008 |location=[[Pune]]}}</ref> The economics offenses wing of the crime branch conducted a raid of all the homes of the accused, including Agashe's [[Aundh, Pune|Aundh]] home to recover Rs. 1.5 [[lakh]]s. The prosecution stated that upon discovery of the money, further interrogation of the accused was necessary and alleged that the accused had disbursed loans to people close to them by flouting RBI rules.<ref name="TOI 4" />


In return, Agashe's defense counsel claimed that Agashe and his family had sold off various properties for the repayment of the loan. The defense counsel also stated that the Agashe family had extended full cooperation with the police and submitted that the family would repay another Rs. 80 crore after the issue of Suvarna's merger was settled. The defense also raised the issue of foul play, when the [[First Information Report|first information reporting]] of the allegations was not produced before the court three days after registering the case and further contended that the loans had been sanctioned by the bank's disbursement committee, a committee Agashe was not a member of.<ref>{{cite news|title=Agashe, others sent to judicial custody|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/25/4/Ar00404.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=485330&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=25 November 2008}}</ref> The bail applications filed at the time for Agashe, his wife, and his sister were subsequently rejected.<ref>{{cite news|title=Suvarna case: Court defers order on bail|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/26/5/Ar00506.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=485723&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=26 November 2008}}</ref><ref>{{cite news|title=Court rejects bail plea in Survarna case|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/30/4/Ar00408.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=487226&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=30 November 2008}}</ref>
In return, Agashe's defense counsel claimed that Agashe and his family had sold off various properties for the repayment of the loan. The defense counsel also stated that the Agashe family had extended full cooperation with the police and submitted that the family would repay another Rs. 80 crore after the issue of Suvarna's merger was settled. The defense also raised the issue of foul play, when the [[First Information Report|first information reporting]] of the allegations was not produced before the court three days after registering the case and further contended that the loans had been sanctioned by the bank's disbursement committee, a committee Agashe was not a member of.<ref name="TOI 4">{{cite news |title=Agashe, others sent to judicial custody |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/25/4/Ar00404.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=485330&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription|access-date=25 August 2022 |archive-url=https://web.archive.org/web/20171114202816/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/25/4/Ar00404.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=485330&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=14 November 2017 |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=25 November 2008 |location=[[Pune]]}}</ref> The bail applications filed at the time for Agashe, his wife, and his sister were subsequently rejected.<ref>{{cite news |title=Suvarna case: Court defers order on bail |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/26/5/Ar00506.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=485723&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-url=https://web.archive.org/web/20181116001337/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/26/5/Ar00506.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=485723&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF |url-status=dead |archive-date=16 November 2018 |url-access=subscription |access-date=25 August 2022 |work=[[The Times of India]] |date=26 November 2008}}</ref><ref>{{cite news |title=Court rejects bail plea in Survarna case|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/30/4/Ar00408.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=487226&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-url=https://web.archive.org/web/20181116001018/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/11/30/4/Ar00408.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=487226&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF |url-status=dead |archive-date=16 November 2018 |url-access=subscription |access-date=25 August 2022 |work=[[The Times of India]] |date=30 November 2008}}</ref>


While in custody, Agashe's health deteriorated and he was admitted to [[Sassoon Hospital]] on 22 December, suffering from severe diabetes and [[gangrene]],<ref>{{cite news|title=Son attends funeral under police eye|url=http://archive.indianexpress.com/news/son-attends-funeral-under-police-eye/406420/|work=[[Indian Express]]|date=4 January 2009}}</ref> for which he had previously been denied medical assistance.<ref name=":1">{{Cite web|url=http://www.tribuneindia.com/2010/20100427/edit.htm#8|title=INDIAN POLITICIANS' LEAGUE: The gentlemen's game|last=Khanna|first=Ruchika|date=27 April 2010|work=[[The Tribune (Chandigarh)|The Tribune]]|access-date=2017-12-17}}</ref> He later died of a heart attack from complications of [[diabetes]] at [[Sassoon Hospital]] on 2 January 2009.<ref>{{cite news|title=Former MCA chief Agashe dies|url=http://news.webindia123.com/news/articles/india/20090103/1143239.html|agency=Web India 123|date=3 January 2009}}</ref><ref>{{cite news |title=Deadend! |url=https://punemirror.indiatimes.com/pune/cover-story/deadend/articleshow/32689016.cms |work=[[Pune Mirror]] |date=4 January 2009}}</ref>
While in custody, Agashe's health deteriorated and he was admitted to [[Sassoon Hospital]] on 22 December, suffering from severe diabetes and [[gangrene]],<ref name = "IE">{{cite news |title=Son attends funeral under police eye |url=http://archive.indianexpress.com/news/son-attends-funeral-under-police-eye/406420/ |access-date=25 August 2022 |work=[[The Indian Express]] |agency=[[The Indian Express|Express News Network]] |date=4 January 2009 |location=[[Pune]]}}</ref> for which he had previously been denied medical assistance.<ref name=":1">{{Cite news |url=http://www.tribuneindia.com/2010/20100427/edit.htm#8 |title=INDIAN POLITICIANS' LEAGUE: The gentlemen's game |last=Khanna |first=Ruchika |date=27 April 2010 |work=[[The Tribune (Chandigarh)|The Tribune]] |access-date=17 December 2017}}</ref> He later died of a heart attack from complications of [[diabetes]] at [[Sassoon Hospital]] on 2 January 2009.<ref>{{cite news |title=Former MCA chief Agashe dies |url=http://news.webindia123.com/news/articles/india/20090103/1143239.html |access-date=25 August 2022 |work=Web India 123 |date=3 January 2009 |location=[[Pune]]}}</ref><ref>{{cite news |title=Deadend! |last=Chavan |first=Vijay |url=https://punemirror.indiatimes.com/pune/cover-story/deadend/articleshow/32689016.cms |access-date=25 August 2022 |work=[[Pune Mirror]] |date=4 January 2009}}</ref> Agashe's son Ashutosh was subsequently released on bail that same month,<ref name = "IE"/> with his son Mandar being released in March.<ref>{{cite news |title=Mandar will stay with cops |url=https://punemirror.com/pune/cover-story/mandar-will-stay-with-cops/cid5259604.htm |access-date=29 January 2022 |work=[[Pune Mirror]] |date=7 March 2009 |language=en-IN}}</ref>


=== Aftermath ===
=== Aftermath ===
Upon Agashe's death, the depositors of the bank approached [[Indian Overseas Bank]] for help after the bank's accumulated losses were estimated at over Rs. 350 crore.<ref name="India Express" /><ref>{{cite news|title=Hope for depositors as IOB bids for Suvarna|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/04/01/1/Ar00104.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=372693&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF|work=[[Times of India]]|date=8 April 2008}}</ref> The bank was allowed to be aqcuired by [[Indian Overseas Bank]] in 2009,<ref>{{Cite news|url=https://www.business-standard.com/article/finance/suvarna-sahakari-bank-may-merge-with-iob-108112601040_1.html|title=Suvarna Sahakari Bank may merge with IOB|last=Reporter|first=B. S.|date=2008-11-26|work=[[Business Standard]]|access-date=2018-09-15}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/finance/iob-gets-nod-to-acquire-pune-based-co-op-bank-109020300057_1.html|title=IOB gets nod to acquire Pune-based co-op bank|last=Reporter|first=B. S.|date=2009-02-03|work=[[Business Standard]]|access-date=2018-09-15}}</ref> with the Reserve Bank of India approving the merger in April of that year.<ref>{{cite news |title=RBI okays Suvarna, IOB merger |url=https://timesofindia.indiatimes.com/city/pune/rbi-okays-suvarna-iob-merger/articleshow/4352247.cms |work=[[The Times of India]] |date=April 3, 2009 |language=en}}</ref> The merger went through in May that year.<ref>{{cite news |title=IOB posts 17 per cent rise in business |url=https://www.thehindu.com/business/companies/IOB-posts-17-per-cent-rise-in-business/article16889288.ece |work=[[The Hindu]] |date=30 October 2009 |language=en-IN}}</ref>
Upon Agashe's death, the depositors of the bank approached [[Indian Overseas Bank]] for help after the bank's accumulated losses were estimated at over Rs. 350 crore.<ref name="India Express"/><ref>{{cite news |title=Hope for depositors as IOB bids for Suvarna |url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/04/01/1/Ar00104.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=372693&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |url-access=subscription |access-date=25 August 2022 |archive-url=https://web.archive.org/web/20180909185358/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/04/01/1/Ar00104.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=372693&Keyword=%28%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe%29&skin=pastissues2&AppName=2&ViewMode=GIF |archive-date=9 September 2018 |work=[[The Times of India]]|date=8 April 2008}}</ref> The bank was allowed to be acquired by [[Indian Overseas Bank]] in 2009,<ref>{{Cite news |url=https://www.business-standard.com/article/finance/suvarna-sahakari-bank-may-merge-with-iob-108112601040_1.html |title=Suvarna Sahakari Bank may merge with IOB |date=26 November 2008 |work=[[Business Standard]] |access-date=15 September 2018 |location=[[Mumbai]]}}</ref><ref>{{Cite news |url=https://www.business-standard.com/article/finance/iob-gets-nod-to-acquire-pune-based-co-op-bank-109020300057_1.html |title=IOB gets nod to acquire Pune-based co-op bank |date=3 February 2009 |work=[[Business Standard]] |access-date=15 September 2018 |location=[[Chennai]]}}</ref> with the Reserve Bank of India approving the merger in April of that year.<ref>{{cite news |title=RBI okays Suvarna, IOB merger |url=https://timesofindia.indiatimes.com/city/pune/rbi-okays-suvarna-iob-merger/articleshow/4352247.cms |work=[[The Times of India]] |agency=[[The Times Group|TNN]] |date=3 April 2009 |language=en |location=[[Pune]] |access-date=25 August 2022}}</ref> The merger went through on 20 May that year.<ref>{{cite news |title=IOB posts 17 per cent rise in business |url=https://www.thehindu.com/business/companies/IOB-posts-17-per-cent-rise-in-business/article16889288.ece |work=[[The Hindu]] |access-date=25 August 2022 |date=30 October 2009 |language=en-IN |location=[[Chennai]]}}</ref> The transition of operations resulted in Rs. 14 crore worth deposits being withdrawn.<ref>{{cite news |title=Week after Suvarna takeover, a Rs 14-cr deposit dip |last=Nambiar |first=Nisha |url=https://indianexpress.com/article/cities/pune/week-after-suvarna-takeover-a-rs-14cr-deposit-dip/ |work=[[The Indian Express]] |access-date=25 August 2022 |date=27 May 2009 |language=en |location=[[Pune]]}}</ref> The bank's case, and failure amidst a political scandal, has been widely cited in the [[Banking in India|Indian banking sector]].<ref>{{Cite news |url=https://www.financialexpress.com/market/devendra-fadnavis-seeks-rbi-directive-on-cooperative-bank-merger-issues/1189085/ |title=Devendra Fadnavis seeks RBI directive on cooperative bank merger issues |last=Kasabe |first=Nanda |date=1 June 2018 |work=[[The Financial Express (India)|The Financial Express]] |access-date=15 September 2018 |language=en-US}}</ref><ref>{{Cite news |url=http://www.indiancooperative.com/banks/cm-calls-high-level-meet-to-resolve-rupee-bank-merger/ |title=CM calls high-level meet to resolve Rupee Bank merger |date=1 June 2018 |work=Indian Cooperative |access-date=15 September 2018 |language=en-US}}</ref><ref name="TOI 3"/>

The bank's case, and failure amidst a political scandal is widely cited today in the [[Banking in India|Indian banking sector]].<ref>{{Cite news|url=https://www.financialexpress.com/market/devendra-fadnavis-seeks-rbi-directive-on-cooperative-bank-merger-issues/1189085/|title=Devendra Fadnavis seeks RBI directive on cooperative bank merger issues|date=2018-06-01|work=[[The Financial Express (India)|The Financial Express]]|access-date=2018-09-15|language=en-US}}</ref><ref>{{Cite news|url=http://www.indiancooperative.com/banks/cm-calls-high-level-meet-to-resolve-rupee-bank-merger/|title=CM calls high-level meet to resolve Rupee Bank merger – Indian Cooperative|date=2018-06-01|work=Indian Cooperative|access-date=2018-09-15|language=en-US}}</ref><ref>{{Cite news|url=http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Search&Key=TOIPU/2008/05/19/3/Ar00302.xml&CollName=TOI_PUNE_ARCHIVE_2006&DOCID=396959&Keyword=(%3Cmany%3E%3Cstem%3EDnyaneshwar%3Cand%3E%3Cmany%3E%3Cstem%3EAgashe)&skin=pastissues2&AppName=2&ViewMode=GIF|title=Suvarna to pay interests on deposits from Jan|work=[[The Times of India]]|access-date=2018-09-15}}</ref>


== References ==
== References ==
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{{reflist}}
{{reflist}}


== Further reading ==
{{Sister project links |wikt=no |commons=no |commonscat=no |b=no |n=no |q=no |s=no |v=no |d=Q60743890 |m=no|mw=no|species=no}}
*{{cite book |last1=Srivastava |first1=U. K. |last2=Srivastava |first2=Pramila |title=Management Consulting in India: Practice and Experiences for Business Excellence |url=https://books.google.com/books?id=w12JCwAAQBAJ |date=2 August 2012 |publisher=SAGE Publications India |isbn=978-81-321-1686-8 |page=388 |language=en |chapter=Case Studies: Suvarna Sahakari Bank, Pune |via=[[Google Books]]}}
{{portal bar|India|Asia|Company|Business|Banks}}
*{{cite book |last1=Srinivasan |first1=S. |title=Know Your Rights: A Compendium On Bank Employees' Struggles, Successes & Settlements |url=https://books.google.com/books?id=Gz8oEAAAQBAJ |date=9 April 2021 |publisher=Notion Press |isbn=978-1-63832-615-1 |language=en |chapter=18. 2. Service Conditions of Award Staff Of Erstwhile Shree Suvarna Sahakari Bank Limited, Pune |via=[[Google Books]]}}

{{Subject bar|d=Q60743890|auto=1|portal1=India|portal2=Asia|portal3=Company|portal4=Business|portal5=Banks}}
{{Authority control}}
{{Authority control}}


Latest revision as of 04:00, 24 July 2024

Suvarna Sahakari Bank
Company typePrivate urban co-operative bank
IndustryBanking
Founded22 September 1969; 55 years ago (1969-09-22)
FounderDnyaneshwar Agashe
Defunct20 May 2009; 15 years ago (2009-05-20)
FateMerged with Indian Overseas Bank
Headquarters
Shaniwar Peth, Pune, Maharashtra
,
India
Number of locations
12 (2009)
Area served
Key people
Revenue
 (2002)

Suvarna Sahakari Bank was an Indian private urban co-operative bank based in Pune, Maharashtra, India, which operated from its incorporation on 22 September 1969 till its dissolution on 20 May 2009.

History

[edit]

The bank was started by Dnyaneshwar Agashe on 22 September 1969.[1][2] S. K. Wankhede inaugurated the opening of its first branch.[3] It was started to cater to the banking needs, primarily of Pune's middle class Marathi population.[4][5] The bank was classified as an urban cooperative bank,[6] and was one of the authoirised credit guarantors for small-scale industries by February 1971.[7]

As of 1972, the bank was headquartered in Shaniwar Peth, Pune,[8] with the Reserve Bank of India (RBI) approving the bank's ability to loan credit schemes for small-scale industries that same year.[9] Jagdish Agashe also served as the bank's manager at the time.[10] In 1976, the bank's schemes featured in B. R. Ambedkar's articles on family planning.[11]

From 1990, the bank had nine branches in Pune, two in Mumbai and one in Shreepur till the time of its dissolution in 2009.[12][13] In 1998, the bank organized an inter-bank cricket tournament in honour of Panditrao Agashe.[14] By 2002, the bank initiated online banking, and was reportedly worth Rs. 500 crore.[15] By 2003, the bank had installed Sarvatra Technologies' proprietary point of sale terminal.[16] In 2004, Ashutosh Agashe was elected the bank's chairman.[17]

2008 scam allegations

[edit]

Background

[edit]

In 2004, Dnyaneshwar Agashe, chairman of the Maharashtra Cricket Association (MCA) at the time, was denied his right to vote in the Board of Control for Cricket in India's (BCCI) Presidential Elections due to allegations of factionalism within the MCA.[18] The denial to Agashe to exercise his franchise saw Sharad Pawar losing by one vote in the election for the post of the President of the BCCI.[19][20][21] By 2006, the bank business started having financial troubles, with some sources alleging that the bank's failure was backlash for the controversial BCCI presidential elections.[22] In September that same year, the cooperative bank was put under moratorium by the Reserve Bank of India.[23][24] The board of directors for the bank was superseded soon after.[25] The moratorium came into effect on 14 October 2006, with the media demanding that the RBI launch an investigation of the bank's auditors.[26]

In 2007, following the order of moratorium, the State Department of Cooperation appointed Mukund Ghaisas as administrator at the bank.[27] Many of the bank's depositors held demonstrations at Agashe's Aundh residence and threatened criminal actions against the Agashe family,[4] after which a speedy merger was promised by Agashe.[5] Initial non performing assets totaled Rs. 125 crore, 13% against the seven per cent maximum allowable under the RBI norms,[28] despite reports from June 2007 claiming that the bank would resume regular operations by late 2007.[29] After the non-performing assets of the bank grew to more than 43%, account holders and depositors held a day long token fast to protest against the misinformation provided in regards to the alleged duped loans.[30]

In 2008, the RBI gave the bank permission to pay interest on deposits made from January to June 2008; Agashe mortgaged personal property worth Rs. 200 crore in lieu of the recovery of the deposits worth Rs. 725 crore.[31] Hotel Ranjeet, a hotel owned by Agashe was auctioned off for the same reasons.[32] Cosmos Bank planned to acquire the bank after it hit this roadblock with the RBI and the subsequent announcement of the proposed merger with Cosmos led to large-scale panic withdrawals by Suvarna customers.[28][33][34][35]

Allegations and arrests

[edit]

On 22 November 2008, Agashe, along with 14 other board members (including his sons Mandar and Ashutosh Agashe),[36][37] was taken into judicial custody; the bank business was charged with a Rs. 436.74 crore scam allegation.[38][39] The arresting police stated that the accused along with six others allegedly misused their rights and sanctioned loans mostly to firms owned by themselves and then defaulted the loans, thereby duping the depositors. The arrests were made after a complaint was filed by Rajesh Jadhavar, a special auditor with the Cooperatives Department at the Maharashtra government.[40] The case was registered as an economic crime.[41]

The judicial magistrate remanded Agashe and the 14 other suspects to police custody, with provisions of medical assistance if required, citing the senior citizenship of a majority of the accused.[42] The economics offenses wing of the crime branch conducted a raid of all the homes of the accused, including Agashe's Aundh home to recover Rs. 1.5 lakhs. The prosecution stated that upon discovery of the money, further interrogation of the accused was necessary and alleged that the accused had disbursed loans to people close to them by flouting RBI rules.[43]

In return, Agashe's defense counsel claimed that Agashe and his family had sold off various properties for the repayment of the loan. The defense counsel also stated that the Agashe family had extended full cooperation with the police and submitted that the family would repay another Rs. 80 crore after the issue of Suvarna's merger was settled. The defense also raised the issue of foul play, when the first information reporting of the allegations was not produced before the court three days after registering the case and further contended that the loans had been sanctioned by the bank's disbursement committee, a committee Agashe was not a member of.[43] The bail applications filed at the time for Agashe, his wife, and his sister were subsequently rejected.[44][45]

While in custody, Agashe's health deteriorated and he was admitted to Sassoon Hospital on 22 December, suffering from severe diabetes and gangrene,[46] for which he had previously been denied medical assistance.[47] He later died of a heart attack from complications of diabetes at Sassoon Hospital on 2 January 2009.[48][49] Agashe's son Ashutosh was subsequently released on bail that same month,[46] with his son Mandar being released in March.[50]

Aftermath

[edit]

Upon Agashe's death, the depositors of the bank approached Indian Overseas Bank for help after the bank's accumulated losses were estimated at over Rs. 350 crore.[24][51] The bank was allowed to be acquired by Indian Overseas Bank in 2009,[52][53] with the Reserve Bank of India approving the merger in April of that year.[54] The merger went through on 20 May that year.[55] The transition of operations resulted in Rs. 14 crore worth deposits being withdrawn.[56] The bank's case, and failure amidst a political scandal, has been widely cited in the Indian banking sector.[57][58][31]

References

[edit]
  1. ^ "Dnyaneshwar Agashe cremated". The Times of India. TNN. 5 January 2009. Retrieved 15 September 2018.
  2. ^ "Ex-director of Suvarna bank dies". The Times of India. TNN. 4 January 2009. Retrieved 15 September 2018.
  3. ^ Umarji, G. H. (2002). Barve, Ramesh; Vartak, Taraprakash; Belvalkar, Sharchandra (eds.). Putra Viśvastācā : Gaurava Grantha : Jñāneśvara Āgāśe shashṭyabdipūrti nimitta (in Marathi). Puṇe. p. 72. ISBN 978-1-5323-4594-4. OCLC 992168227. Retrieved 25 August 2022 – via WorldCat.{{cite book}}: CS1 maint: location missing publisher (link)
  4. ^ a b "Suvarna protestors halt traffic". The Times of India. Pune. 11 February 2008. Archived from the original on 22 December 2017. Retrieved 15 September 2018.
  5. ^ a b "Arrests will not solve problems: depositors". The Times of India. Pune. TNN. 23 November 2008. Retrieved 25 August 2022.
  6. ^ Kumar, K. Ram (20 June 2021). "PMC Bank's resolution could become a template for rescuing other weak UCBs". Business Line. Mumbai. Retrieved 25 August 2022.
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Further reading

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