De-politicizing co-ops has helped: Minister

Harshvardhan-pati NewMaharashtra cooperative minister Harshvardhan Patil says the state govt.’s effort to reduce political interference in the functioning of the state cooperative bank has caused the bank to claim a bottomline of Rs. 600 crore in 2013-14.

 

As opposed to it, the bank incurred huge losses in 2010-11 when it was being meddled with by politicians , the minister said.

 

According to the minister, depoliticisation has revived people’s faith in the cooperative banking system.

 

Sources say the RBI had been critical of the way MSCB had functioned.

 

Harshvardan Patil claimed the govt. took stern steps to prevent politicians from exercising their undue influence over the functioning of the cooperative banks. The move had a salutory effect as the banks’s finances ceased to be flailing, said the minister.

 

Maharashtra boasts a massive network of cooperative banks and credit societies and their combined deposits stand at a whopping Rs. four hundred thousand crore.

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