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Maharashtra approves Rs 231 crore to strengthen small banks

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The Maharashtra cabinet has approved financial assistance worth Rs 231 crore to strengthen district co-operative banks
banksMumbai: The Maharashtra cabinet has approved financial assistance worth Rs 231 crore to strengthen district co-operative banks and primary agriculture credit co-operative societies in the state of Maharashtra, it was officially announced here today.

There are 21,382 primary agriculture credit societies and 31 district co-operative banks.

District co-operative banks would get Rs 136 crore while agriculture credit societies would receive Rs 95 crore, officials said, in a press release issued here.

Due to crop loan provision at a six per cent interest rate since 2006-07, interest returns had dwindled, affecting the financial capacity of these institutions, the release said.

The Maharashtra cabinet also decided to hike financial appeal powers of district courts from Rs 10 lakh to Rs 25 lakh, officials said, adding that property rates have increased in the state and there are several pending cases in different courts, the release said.

Meanwhile, the Maharashtra government has also decided to set up two companies of a Maharashtra state disaster response force on lines of the National Disaster Relief Force (NDRF), the release said.

As many as 428 posts would be created and recruitment would be done by a committee headed by the chief secretary, the release said.

The proposed state disaster relief force would be useful in natural calamities like floods, earthquake, cyclone, officials said in the release, adding that every year 15 to 20 districts suffer floods and excessive rains.

Some areas of Marathwada, Vidarbha and Koyna, Raigad, Satara and Thane come under the earthquake prone zone. Last year during floods in Vidarbha, the NDRF was deployed.

The NDRF is based in Pune and takes a long time to reach disaster sites and to remedy this situation, two teams of the proposed Maharashtra state disaster relief force would be set up, the release said.

PTI

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