In a first for a District Central Cooperative Bank (DCCB) in Maharashtra, the Pune District Central Cooperative Bank (PDCCB) has launched a Rs 650-crore bond issue after receiving approval from the Reserve Bank of India (RBI), marking a major milestone for the cooperative banking sector.
Speaking to Indian Cooperative, Sanjay Shitole, Managing Director, PDCC Bank, said the response on the launch day was highly encouraging, with the bank mobilising nearly Rs 28 crore from cooperative institutions, credit cooperative societies, individual investors and other subscribers.
“The bond issue was launched on July 22, coinciding with the birth anniversary of our former Chairman and Maharashtra Deputy Chief Minister Ajit Pawar. It comprises Rs 500 crore through Long-Term Subordinated Bonds (LTSB) with a 10-year tenure, while the remaining Rs 150 crore will be raised through Perpetual Debt Instruments (PDI) carrying an annual interest rate of 8.5%,” Shitole said.
The bonds are being offered through the bank’s 294 branches across Maharashtra. According to Shitole, PDCCB is the first District Central Cooperative Bank in the state to raise capital through bond instruments, setting a new benchmark for the cooperative banking sector.
The bond schemes were formally launched by Vidyadhar Anaskar, Administrator of the Maharashtra State Cooperative Bank, who said the RBI’s approval reflects PDCCB’s financial strength, sound governance and sustained growth. He described the initiative as laying the foundation for the bank’s long-term expansion.
The bond subscription drive will remain open until August 6, 2026, with the bank expecting a strong response from investors across the cooperative sector.
