Bhubaneswar: The State government today dissolved Odisha State Cooperative Bank (OSCB) Limited and Odisha Cooperative Housing Corporation (OCHC) Limited, separate orders issued in this regard mentioned.

As per a notification of the Cooperative Societies Registrar, the OSCB in Bhubaneswar is an apex cooperative society and a premier cooperative bank in the State. It is supposed to manage the affairs smoothly, inter alia in the appointment of a managing director (MD), which has been lying vacant since February 17, 2023.

Allegations were previously received from different quarters regarding the misappropriation of public money by the OSCB president. The same was enquired and the allegations have been established.

Due to this inaction of the OSCB managing committee and as the bank is not being managed as per the provisions of the OCS Act, 1962, the Committee was placed under suspension with immediate effect.

During the suspension period, the Commissioner-cum-Secretary, Cooperation Department, Govt. of Odisha shall manage the affairs of OSCB until further orders.

Similarly, the OCHC is a premier housing cooperative society in the State. The managing committee of OCHC is allegedly committing irregularities and not acting in the interest of its members, thereby causing undue financial harassment, non-handing over of houses, and illegal sale of land etc.

Hence, Registrar Pravu Kalyan Pattnayak suspended the OCHC committee with immediate effect.

Cooperation Department Additional Secretary Subhra Mohanty was appointed as the Administrator to manage the affairs of OCHC until further orders, the other official circular stated.