The Maharashtra Government approved Rs 827 crore as share capital for three district central cooperative banks at Nashik, Nagpur and Dharashiv. The decision in an effort to strengthen the rural banks, was taken during the Cabinet meeting on Tuesday. Chief Minister Devendra Fadnavis chaired the meeting.
The funds include Rs 672 crore for the Nashik District Central Cooperative Bank, Rs 81 crore for Nagpur District Bank and Rs 74 crore for Dharashiv District Bank. The Reserve Bank of India had informed the government about re-capitalization and rejuvenation of the banks. The District Cooperative Banks are important source to make loans available to farmers. The Cabinet approved disbursement of Rs 336 crore to farmers this year and the same amount next year by the Nashik District Central Cooperative Bank.
The Board of Directors of Nashik and Nagpur banks have been dissolved and the Commissioner of Cooperatives have been directed to appoint administrators.
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