Abhinav Sahakari Bank was granted a license by RBI in 2000, and by 2005 it was in trouble.
During RBI inspections and scrutinizes, RBI officials observed several violations of RBI guidelines / directives / operational restrictions, and the top two are;
01) The bank had renewed loans and advances to a co-operative society in which a director of the bank was interested in the capacity of a Chairman;
02)The bank had not made requisite provisions for the fraudulent transactions amounting to Rs.123.84 lakh committed by staff members of the bank in the year 2005, proceeds of which were diverted to regularize 840 loan accounts spread over different branches.
Very innovative ways to regularize loan accounts, so that they will not slip down to NPAs’
Rahuri is a small town in Ahmednagar District of Maharashtra, with population below 50,000. In the early 1930’s it was the site of Meher Baba’s Ashram. The main ashram of Saint Dyaneshwar, Newasa is at a distance of about 33 km from Rahuri. The Maharashtra Krishi Vidyapeeth, now known as Mahatma Phule Krishi Vidyapeeth, started functioning from October 1969 at Rahuri.
The river Mula flows through this town. Nowadays Rahuri is well known for the new agricultural market yard for trading and auction of ONION.