Latest news with #MaharashtraStateCooperativeBank
Time of India
04-07-2025
- Business
- Time of India
NDCC special AGM approves one-time settlement scheme for defaulters
Nashik: The special annual general meeting of Nashik District Central Cooperative Bank has approved one-time settlement (OTS) proposal for defaulters . The proposal was discussed in a meeting with finance minister and deputy chief minister Ajit Pawar in Mumbai. Tired of too many ads? go ad free now A meeting of the depositors, along with farmers, took place at Kalidas Kalamandir. During the meeting, the defaulting farmers and their representatives emphasised the need for a complete waiver of loan and interest. However, the NDCC Bank administration, under the leadership of Vidyadhar Anaskar, the administrator of Maharashtra State Cooperative Bank appointed as organisational advisor of NDCC Bank, said that their demand would also be placed in front of the state govt. "State agriculture minister Manikrao Kokate was also present at the meeting, where the depositors demanded their deposits back. There were farmers opposing govt-suggested OTS, which would still incur a loss to the bank but nevertheless help the bank retain its banking licence," said NDCC Bank administrator Santosh Bidwai while briefing the media after the meeting. According to the new OTS, farmers who want to benefit from the scheme will have to settle their outstanding loans with interest rates announced in the AGM. It will come into effect when the govt approves the proceedings of the AGM. As per the new OTS, farmers with total outstanding up to Rs 1 lakh will have to pay 2 per cent interest, up to Rs 5 lakh will attract a 4 percent rate of interest, up to Rs 10 lakh will attract a 5 percent rate of interest, and beyond Rs 10 lakh will attract a 6 percent rate of interest. "The outstanding loans of farmers accrued interest charged at prevailing rates for the first three years before the accounts were declared as non-performing assets (NPA) due to non-payment of dues. Tired of too many ads? go ad free now As of now, this amount has accrued further interest. But as per the new OTS, the amount at the time of being declared as NPA falling in respective slabs will attract a particular rate of interest," another senior officer said. "This is the best possible scheme that the govt could offer to the defaulters, and the intention is to save the bank. It will take another four years for us to implement and clear the current outstanding. Besides, we are also seeking govt infusion of cash that will help us provide loans to people who need it to ensure we generate some more additional income. This can save the banking licence of NDCC Bank," the officer added.
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Business Standard
15-06-2025
- Business
- Business Standard
MSC Bank sets up country's first cyber security operations centre
In a move to bolster digital resilience in the cooperative banking sector, the Maharashtra State Cooperative Bank (MSC Bank) has established the country's first cyber-security operation centre (C-SOC) to provide protection against increasing cyber threats. The facility, Sahakar Suraksha, has been set up in Vashi, Navi Mumbai, at a cost of Rs 50 crore, a senior official said. In an interview with PTI, MSC Bank Chairman Vidyadhar Anaskar said the bank's decision to launch the C-SOC stemmed from a pressing need to protect cooperative banks and their customers from cyber fraud. "There have been more than 10 lakh cyber attacks on cooperative banks in recent years, causing financial losses running into crores. One particular fraud alone caused a loss of around Rs 50 crore," he said. Anaskar said most cooperative and rural banks are ill-equipped to build robust cyber defence infrastructure. "They neither have the technical manpower nor the funds. That is why we have developed a shared cybersecurity mechanism for the sector," he said. He emphasised that the C-SOC's services will be provided free of cost to member banks. "This is a cooperative initiative in its true spirit. We will not charge anything for providing 24/7 surveillance and protection," Anaskar said. The C-SOC, which was inaugurated on Friday, is designed to serve 31 district central cooperative banks in Maharashtra. The system, powered by an AI-driven platform, is capable of detecting known and emerging cyber threats in real time and issuing immediate alerts to participating banks. Anaskar said the centre recently helped avert a major cyber breach at a cooperative bank in Sindhudurg. "We issued an early warning to the bank, and the funds were secured in time," he said. The facility is currently manned by 35 trained cyber-security professionals working in shifts to ensure round-the-clock operation. MSC Bank also plans to offer cyber hygiene training to officials and staff of member banks to improve awareness and preparedness against online threats. Anaskar said the initiative is a forward-looking step for the entire cooperative sector and is expected to serve as a model for other states. "With increasing reliance on digital platforms and the rise of AI, such infrastructure is not optional anymore. It is a necessity," he added.
Time of India
09-06-2025
- Business
- Time of India
Cooperative banks need to change policies for MSME lending, says Maharashtra State Cooperative Bank chairman
1 2 3 Pune: Maharashtra State Cooperative Bank's chairman Vidyadhar Anaskar has said that cooperative banks need to change their decision-making process while issuing loans to micro, small and medium enterprises. The lenders should change their approach to project-based finance instead of focusing on security collateral, he said on Sunday. "Many banks insist on a personal property collateral while issuing loans. This is not the intent of MSME financing." He was speaking at 'Banking and MSME Sector Conclave 2025' organised in Pune by Sahakar Bharati and Global Indian Origin Network. Dinesh Gandhi, chairman of Sahakar Bharati, said MSMEs support close to 11 crore families, making the sector one of the most important employers in the country. Speaking on lending to the real estate sector, Anaskar said the housing segment is very lucrative for cooperative banks as such loans provide better returns and assurance of repayment based on the goodwill of developers who follow good practices. Additionally, the property offers strong collateral while issuing loans, the MSCB chairman said. "However, there are limitations for banks in commercial real estate lending as it is not classified as a priority sector by the Reserve Bank of India." The reason is that the real estate sector receives dual financing in the form of the money they get from buyers during various stages of construction and also the loan taken from banks, he pointed out. Anaskar also sought a constructive approach from auditors and accountant consultants to expedite project finance. A lot of first-generation entrepreneurs start their businesses in the form of micro and small enterprises, Indraneel Chitale, managing partner of Chitale Bandhu Mithaiwale, said at the event. However, he raised a concern that these business owners are stuck in the paperwork while taking loans from banks, and lenders should work towards reducing the red tape so that they can concentrate on developing their businesses.
The Hindu
12-05-2025
- Business
- The Hindu
Committee to be formed for amendments to Cooperative Societies Act in Maharashtra, says CM Fadnavis
Maharashtra Chief Minister Devendra Fadnavis on Monday (May 12, 2025) announced the formation of a committee to look into amendments to the Maharashtra Cooperative Societies Act, 1960. 'The existing Cooperative Societies Act needs to evolve with times. To do so, new chapters related to each sector will be included in the law,' Mr. Fadnavis said. Union Minister of Road Transport Nitin Gadkari recommended the formulation of a new law for the cooperative sector in the State to factor evolving economic conditions and market competition. Mr. Gadkari also suggested a detailed study to examine the socio-economic impact of the cooperative movement in the State. 'The capital market is so huge. The government should give it a push. The organisation which works well — let them sell the stock in the market. If they are doing well, their share value will increase; otherwise (it will) fall,' Mr. Gadkari said, addressing a seminar organised by the Maharashtra State Cooperative Bank. 'There is no alternative to it,' Mr. Gadkari said, hailing capitalism. Mr. Fadnavis gave China as an example. 'With time, ideologies dominating politics gradually became weaker. So, with time, we should adapt. Earlier, communism was the fashion, now everything [has] disappeared,' Mr. Fadnavis said, adding that China still had a 'red flag' (a reference to communism) but accepted liberal economic thinking, leaving behind Marxist ideology for the sake of the development of the country. Impact study Mr. Gadkari reflected on the image of the cooperative movement outside Maharashtra, stating that the story of the cooperative sector was 'image versus reality, ground reality versus perception'. He gave the example of the Gujarat-based inter-State Madhavpura Mercantile Cooperative Bank. 'The bank was defunct and brought the name to the cooperative sector, but only bad things are remembered. So, it is important to conduct a study of the socio-economic impact of the cooperative movement and understand the impact that credit societies, housing societies, consumer societies, and urban cooperative banks made,' Mr. Gadkari said, adding that this would enhance the contribution of cooperative societies to agriculture at the national level. '22% to 24% of GDP comes from the manufacturing sector. The services sector contributes 52% to 54% to the GDP, generating maximum GST (Goods and Services Tax). The agriculture and rural development sector is on third [position], contributing only 12% [to the GDP] despite employing 60% of the population,' Mr. Gadkari said. Almost 30% of the population migrated to cities in search of better income and education, he said. 'The cooperative sector has helped people in rural areas arrange capital for small businesses like e-rickshaws, vegetable sellers, or tea stalls, which is impossible to receive from national banks as the financial amount is meagre,' the Union Minister said. He cited the example of Kolhapur district, where per capita income is highest owing to the production of milk, and the presence of sugar factories. 'Kolhapur produces 70-80 lakh litres (of milk), which has brought prosperity to villages. On the other hand, Vidarbha lacks such milk production. The cooperative sector can uplift villages. A ₹750 crore-worth Mother Dairy plant has been established in Nagpur, Vidarbha. If we reach 50 lakh litres (output) in the next three years, farmers' suicides are likely to stop,' Mr. Gadkari said.
The Hindu
12-05-2025
- Business
- The Hindu
Nitin Gadkari advocates Maharashtra to create new law for cooperative sector to keep pace with 'evolving economic conditions'
Union Minister Nitin Gadkari on Monday (May 12, 2025) suggested the Maharashtra government to formulate a new law for the cooperative sector in the State considering the evolving economic conditions. The cooperative sector would play a key role in improving the financial condition of people from rural areas, he said, and urged the Maharashtra State Cooperative Bank, the apex cooperative bank in the State, to study the socio-economic impact of the cooperative movement in the State. Addressing a public function in Mumbai, Mr. Gadkari said, 'It is my request to Maharashtra Chief Minister and Deputy Chief Minister to come up with a revised act for the cooperative sector. We must find a golden mean between the Cooperative Act and the Companies Act and formulate a new legislation accordingly.' 'There is a need to amend the laws governing cooperative establishments to align with evolving economic conditions,' he said. The Road Transport and Highways Minister said the Maharashtra State Cooperative Bank should conduct a comprehensive study on the socio-economic impact of the cooperative movement in the State. "The socio-economic impact of the cooperative movement in Maharashtra should be studied across the State at the tehsil and district levels. It should measure employment, per capita income and growth rate," he said. Highlighting the economic imbalance between sectors, Mr. Gadkari said while the manufacturing sector contributes 22 to 24%, the services sector 52 to 54% to the GDP generating maximum Goods and Services Tax (GST). The agriculture and rural development sector contribute only 12% despite employing 60% of the population, he said. "Nearly 30% of people have migrated to cities out of compulsion due to lack of education, jobs and facilities in rural areas," Mr. Gadkari said. He described the dairy sector as a model to boost the income of the rural population. Pointing to regional disparities in terms of milk production, he said, "Ahilyanagar district produces 50 lakh litres of milk, while Kolhapur produces 70-80 lakh litres. This has brought prosperity to villages. However, the milk production of the entire Vidarbha region is not even as much as that of Ahilyanagar," he claimed. Mr. Gadkari said a ₹750 crore-worth Mother Dairy plant had been established in Vidarbha, which could significantly boost milk production. "If we can reach 50 lakh litres in the next three years, farmers' suicides will stop. The cooperative sector will play a huge role in uplifting rural areas and improving their financial condition," he said. The Minister also praised the emergence of farmer-producer companies involved in processing food grains. "Now, many farmer-producers companies have come forward and started food processing. This will add value and create rural employment," he added. Reflecting on his political journey, Mr. Gadkari said the ideologies which once dominated the political scene, gradually became weaker. "When I was the BJP State president, socialism and Left parties were strong. However, they gradually disappeared. There is no alternative to capitalism. We must adapt with changing times," he asserted. He shared insights from international observations to emphasise the importance of reform. "I had seen the same thing during my Shanghai visit as BJP national president. China had only a red flag, but their entire economic policy underwent a change," Mr. Gadkari said. He stressed the limitations of the State's control over agricultural pricing, and said, 'In the global economy, the government no longer decides prices'. "If we do not adapt to the changing times, there is a risk of us being left behind," he said.
