Maharashtra 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.
May be a political move to depoliticise, but welcome, irrespective of motive.
Political and Bureaucratic interference is the two-edged blade policy which is being practiced traditionally to wound Cooperative sector and suck the blood. 97th CAA has specifically pointed out this heinous act and drawn out a single enabling law as suggested by Brehm Perkash as also mandating certain provisions under Part IX B. Sooner or later entire country has to fallow the Constitutional mandate. Any positive move by States are most welcome at the earliest.