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Time of India
6 days ago
- Business
- Time of India
Rs400cr raised via bonds, MSCB plans loans to NDCCB, other district banks
Nagpur: Maharashtra State Cooperative Bank (MSCB), which has raised Rs400 crore as tier-2 capital through bonds issue, plans to seek additional time from the Reserve Bank of India ( RBI ) to raise another Rs100 crore. The ultimate plan is to lend part of the amount to the beleaguered Nagpur District Central Cooperative Bank (NDCCB), apart from funding other district-level cooperatives. The funds will be provided to NDCCB as a short-term loan to improve its liquidity. With its board of directors expelled, MSCB is itself run by an administrator — a veteran banker, Vidyadhar Anaskar. Last year, MSCB took over the management of NDCCB as an institutional consultant. This was the first-ever such arrangement in the state's cooperative sector. On Tuesday, the state govt also issued orders to appoint MSCB as the institutional consultant of Nashik District Central Cooperative Bank. MSCB is a part of the three-tier cooperative banking system in the state. Funds flow through MSCB to respective district central cooperative banks (DCCBs), from where they reach the primary agriculture cooperative societies at the village level. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "Now, the money raised by the bonds is planned to be deployed in assisting the DCCBs across the state," Anaskar told TOI. NDCCB has not been able to recover from the losses caused by an Rs150 crore investment scam two decades ago involving the then chairman and former Congress MLA from Saoner, Sunil Kedar. The losses had kept it under an administrator instead of an elected board of directors. Now, it's under the MSCB's control. MSCB replaced a cooperatives department officer as the administrator for NDCCB. Normally, an individual takes over as an administrator in a crisis-ridden cooperative bank. Anaskar told TOI that MSCB was able to raise Rs400 crore at 8.5% during the two-month window allowed by the RBI. The plan is to raise Rs500 crore in all, and the RBI will be approached to allow additional time. "MSCB has been able to raise funds at much more competitive rates compared to other cooperatives," he said. Anaskar said there are five to six crisis-ridden DCCBs in the state. These include the banks in Wardha, Nagpur and Buldhana in Vidarbha. "MSCB is keen to deploy the funds in these DCCBs," he said. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
28-04-2025
- Business
- Time of India
CM clears names for appointment of new DCCB and DCMS chairpersons
1 2 3 Vijayawada: Chief minister Chandrababu Naidu has cleared names for appointment of chairpersons to District Cooperative Central Banks (DCCBs) and District Cooperative Marketing Societies (DCMS) in the state. The posts of both DCCBs and DCMS were filled through nomination in 10 districts. While one DCCB and one DCMS chairperson post were granted to Jana Sena , leading partner of NDA alliance TDP took the remaining 18 posts. Since the bifurcation of the DCCBs and DCMS based on the new district was not completed, the posts have been filled up for the combined districts. Former minister and senior TDP leader, Nettem Raghuram of Jaggaiahpet was appointed as DCCB chairman of Krishna district. Raghuram has been acting as TDP district party president for the past several years. Several senior leaders who could not get opportunity to contest assembly elections were accommodated in the nominated posts. New DCCB chiefs S Sivannarayana (Srikakulam), Kona Tatarao (Janasena-Visakhapatnam), Kimidi Nagarjuna (Vizianagaram), Makkena Mallikharjuna Rao (Guntur), Nettem Raghuram (Krishna), Dhanunjay Reddy (Nellore), Amasa Rajasekhara Reddy (Chittoor), Kesava Reddy (Ananthapuram), D Vishnuvardhan Reddy (Kurnool), B Suryanarayana Reddy (Kadapa) by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo New DCMS chiefs Avinash Chowdary (Srikakulam), Gompa Krishna (Vizianagaram), K Balaji (Visakhapatnam), Vadranam Haribabu (Guntur), Bandi Ramakrishna (Janasena-Krishna), G Nageswara Rao (Nellore), Subramanyam Naidu (Chittoor), Nettem Venkateswarlu (Ananthapuram), G Nageswara Yadav (Kurnool), Y Jayaprakash (Kadapa)
