MSCB will soon get managing director | mumbai | Hindustan Times
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MSCB will soon get managing director

mumbai Updated: May 23, 2011 01:34 IST
HT Correspondent

Minister for cooperatives Harshawardhan Patil said on Sunday that the state government has decided to appoint a managing director (MD) for the Maharashtra State Cooperative Bank (MSCB). The Reserve Bank of India (RBI) had recently dissolved the board of the MSCB and decided to appoint senior government officers as its administrators.

Patil, who was in Pune, said: "The high-power committee has decided to appoint a full-time managing director for the MSCB." The managing director, according to Patil, will work along with the two administrators appointed by the RBI.

The decision to appoint a managing director has been taken considering the fact that two administrators - agriculture and marketing principle secretary SK Goyal and planning secretary S Srivastava - are already burdened with the responsibility of their respective departments.

Patil further clarified that state government is trying to bring back the MSCB on track. "The Maharashtra State Cooperative Bank has a bigger role in the state's development and the government is positively thinking about reviving it."

After the RBI appointed administrators for the MSCB, which is the principal funding agency for all the district cooperative banks in the state, the Nationalist Congress Party rapped its alliance partner -Congress - and termed it a political move.

The RBI acted against the MSCB after it failed to stick to "banking prudence".