The mishap took place around noon in Sangrampur taluka when the overcrowded bus plunged into the river while crossing the old Khiroda bridge, they said.
The bus carrying more than 60 passengers, mostly students, was on its way to Paturda village near here when the accident occurred, they said.
All the bodies including that of V K Daberao (driver) extricated from the bus, have been kept at the Saibai Mote hospital in Shegaon (Buldhana) for identification.
The injured were admitted to Akola General hospital, police said.
The bus was pulled out of the river with the help of two cranes.
Some of the passengers are reported to be missing, police said.
Hundreds of people from nearby Paturda, Alasna, Kalamkhed, Warwat, Bakal and Jastgaon villages gathered at the accident spot and helped the authorities in the rescue work.
