Municipal commissioner Naval Kishore Ram said Cosmos Cooperative Bank approached the Pune civic body requesting to park its fund in the bank on which it would provide 95 percent of the amount as loan to the civic body. (File photo)

The Pune civic body’s decision to take a loan for raising funds for land acquisition for mega road projects through overdraft by putting Rs 500 crore of its funds in Fixed Deposit (FD) of Cosmos Cooperative Bank has drawn criticism from opposition parties.

The Congress has opposed the move, saying it suspected it was being done under pressure from the BJP or RSS for the benefit of a cooperative bank.

“The standing committee has approved the civic administration proposal to put Rs 500 crore in FD in Cosmos Cooperative Bank and seek 95 percent loan against the FD amount through overdraft,” said Shrinath Bhimale, chairperson of standing committee.

Municipal commissioner Naval Kishore Ram said Cosmos Cooperative Bank approached the Pune civic body requesting to park its fund in…