Maharashtra is home to over 80,000 co-operative housing societies -- and that is a conservative estimate. The Reserve Bank of India’s clampdown on Punjab and Maharashtra Cooperative Bank (PMC) on September 23 has hit these cooperative housing societies hard.

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Almost all of them maintain accounts with co-operative banks and these societies are now worried. Many have begun moving their accounts to nationalised banks.

However, CNBC-TV18's Yash Jain reports that this is an uphill task. It comes with a mound of paperwork, and more importantly, a stiff financial implication.