MUMBAI: Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, on Tuesday approved the provision of Rs 827 crore as share capital to Nashik, Nagpur and Dharashiv District Central Cooperative Banks (DCCBs).
Of this, Rs 672 crore will be given to Nashik DCCB, Rs 81 crore to Nagpur DCCB and Rs 74 crore to Dharashiv DCCB.
The Cabinet also decided after the Reserve Bank of India informed the government about the recapitalisation and revival of Nashik, Nagpur and Dharashiv DCCBs.
Accordingly, financial assistance was approved as share capital for all three banks today. The role of the DCCB is important in providing crop loans to farmers. The existence of service development institutions also depends on the financial condition of the District Bank.
Therefore, a total of Rs 827 crore was approved by the government in the form of share capital to Nashik, Nagpur and Dharashiv DCCBs, said the government release.