Maharashtra State Cooperative Bank (MSC) will give financial help to several cooperative mills with pledge loans and hypothecation loans worth Rs 3,751 crore for the 2019-20 sugar season, Financial Express reports quoting top officials of the bank.
The MSC Bank has taken the decision following consultations with Nabard.
The apex cooperative bank served 33 cooperative sugar mills of which six mills were shut due to both negative net worth and negative NDR, sources say.
Earlier, the MSC bank and district cooperative banks had refuse to give loans to scores of sugar mills because of their negative net worth and negative Net Disposable Resources (NDRs).
