Financial Express reports the Maharashtra government will pay a sum of Rs 100 crore to MSC Bank to carry out their assurance made years ago to sugar cooperatives towards settling their loans in case they defaulted on payments.
MSC Bank is the apex cooperative bank of the state. Earlier the court had directed the govt.to pay the sum of 100 crore to the co-op bank.
The bank had argued before the court if the government of Maharashtra, did not pay the amount, the appellant bank, i.e MSC Bank, is likely to be declared as a non-performing asset.