Pune: In a historic first for the state's cooperative banking sector, the Maharashtra State Cooperative Bank (MSCB) has been appointed as the Institutional Administrator of the Nagpur District Central Cooperative Bank (NDCCB). This appointment is part of the state government's strategy to strengthen district cooperative banks, which are a vital component of the rural financial system.
State Government's Initiative for Strengthening Cooperative Banks
District cooperative banks serve as an essential financial link in the three-tier cooperative structure. Recognizing their importance, the state government has undertaken several initiatives to ensure their financial stability.
As part of these reforms, the government has authorized MSCB to oversee and administer NDCCB, allowing it to leverage its financial and human resources to improve the bank’s performance.
MSCB to Utilize Its Resources for NDCCB's Recovery
With this new responsibility, MSCB will now be able to allocate funds, deploy expert staff, and optimize resources to revive NDCCB. The appointment will also enable better loan disbursement and execution of various banking operations in collaboration with NDCCB.
According to MSCB Administrator Vidhyadhar Anaskar, the bank's current net worth stands at ₹5,044 crore, the highest in India's cooperative banking sector. He expressed optimism that if NDCCB employees cooperate, defaulters repay their dues, and depositors remain patient, the bank can be brought back to financial stability.
Official Takeover on Gudi Padwa
This move is seen as a step towards making the "Cooperation within Cooperation" model a success. The formal assumption of administrative control by MSCB will take place on March 30, coinciding with Gudi Padwa, Anaskar confirmed.
