The Maharashtra State Co-operative Bank has become the first ever state co-operative bank in the history to receive permission for issue of bonds worth Rs 500 crore from RBI.
The bond distribution started at an impressive ceremony on Thursday at the hands of Ajit Pawar, deputy chief minister.
Dignitaries present on the occasion were Babasaheb Patil, minister of co-operation; Pankaj Bhoyar, minister of state for co-operation; Shivendraraje Bhosale, minister for public works; Bhima Subramaniyan, executive director of NAFSCOB as well as chairman, Credit Society Federation, chairman Housing Societies, people’s representatives and chairpersons of sugar industries.
On this occasion the credit bonds for the first 5 institutions were distributed by the deputy chief minister. Speaking to august gathering on this occasion Ajit Pawar solemnly appreciated the progress made by the bank. He said that the co-operative movement should be strengthened and made to attain competence. In order to do this all the cooperative institutions at the State should follow the lead by MSCB and implement required changes in their working. He also emphasized that modern technology needs to be brought in apart from implementation of innovative schemes so as to sustain the fierce competition. The credit bonds issued by the MSCB are for a period of 10 years and would attract returns of 8.50% annually. The banks are not allowed to invest in these bonds. The co-operative credit societies, housing societies, sugar factories, trusts, companies as well as individual investors could benefit from the same. Deputy CM guided the audience that credit societies could use the fund invested in these bonds for their statutory obligations. He also announced that the co-operative societies would receive benefit on the interest accrued under 80 (P) of the I-T Act. Vidyadhar Anaskar, administrator of the MSCB expressed confidence that the bank will be able to receive full subscription to the entire set of bonds before the deadline of June 30, 2025 set by RBI.
