FE reports MSC Bank –the nodal body for all cooperative banks in the state, has revised loan amounts given to sugar mills on the pledged sugar stocks from 90% to 85%.
The bank has revised conversion cost of sugar from Rs 250 per quintal to Rs 200 per quintal and short-term loan recoveries from Rs 200 per quintal to Rs 250 per quintal for sugar mills.
However, the chairman, Maharashtra State Cooperative Sugar Factories Federation (MSCSFF)has urged the bank to reconsider its decision.
A source says considering sugar mills were in financial difficulty due to natural calamities, the state govt. urged the bank to help them.