In a historic first for the Co-operative sector, the Government of Maharashtra has designated the Maharashtra State Co-operative Bank (MSCB) as the ‘Institutional Administrator’ of the Nagpur District Co-operative Bank. This unprecedented appointment marks a significant step in restructuring and revitalizing the bank’s operations.
A formal ceremony was held on March 30, 2025, coinciding with the auspicious festival of Gudhi Padwa. The event saw the presence of Maharashtra Chief Minister Devendra Fadnavis, Union Minister Nitin Gadkari, and Maharashtra Revenue Minister Chandrashekhar Bawankule. During the ceremony, Vidyadhar Anaskar, Administrator of MSCB, officially took charge as ‘Institutional Administrator’ of the Nagpur District Co-operative Bank, Nagpur.
Addressing the gathering, Union Minister Nitin Gadkari expressed confidence that the newly formed alliance would restore the bank’s former stature, strengthening the district’s farmers economically. He emphasized that the collaboration would drive financial stability and efficiency in the bank’s functioning.
Chief Minister Devendra Fadnavis lauded MSCB’s robust financial position and assured that the bank would efficiently fulfill its newly assigned responsibilities. He also committed to directing all government departments to continue their transactions with the Nagpur District Co-operative Bank, reinforcing its role in the regional financial system.
MLA Ashish Deshmukh called upon all Co-operative sector institutions to resume business transactions with the Nagpur District Co-operative Bank, thereby supporting its resurgence.
Vidyadhar Anaskar, in his opening remarks, detailed the strategic planning undertaken to bring the bank back to profitability. He assured depositors that all accounts holding over Rs. 5.0 lakh, along with accrued interest, would now be backed by MSCB’s guarantee. He highlighted that the appointment of an ‘Institutional Administrator’ was an innovative step toward stabilizing troubled institutions and encouraged other capable entities to take up similar responsibilities in the Co-operative sector.
The event was attended by several notable dignitaries, including Minister of State for Co-operation Pankaj Bhoyar, Minister of State for Finance Ashish Jaiswal, MLA Charansingh Thakur, MLA Ashish Deshmukh, State Co-operative Commissioner Deepak Taware, and other prominent officials. Their presence underscored the significance of this initiative in strengthening the Co-operative banking sector and fostering economic stability in the region.
