Panel to review dues to be paid to Maharashtra co-op banks that lend to sugar mills l Janaseva News

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sugarOver the previous few years, drought and lowering sugar gross sales have impacted the monetary well being of sugar mills, which at the moment are not able to lift new capital from the banks.

The state authorities of Maharashtra has arrange a high-level committee, led by principal secretary (monetary reforms) Rajgopal Deora to establish the precise quantity to be paid to cooperative banks that had issued loans to a number of cooperative sugar and spinning mills regardless of adverse NDR (web disposable useful resource).

The federal government had stood in because the guarantor for the loans for the reason that RBI and NABARD norms clearly state that mills with adverse NDR can’t be given loans.

As many as 57 cooperative banks had taken loans from the Maharashtra State Cooperative Financial institution (MSCB), Mumbai Financial institution and Nanded and Osmanabad district central cooperative banks the place the federal government was the guarantor and had didn’t repay the loans.

Because the mills defaulted in funds, the federal government will now repay these loans, AR Deshmukh, MD, Maharashtra State Cooperative Financial institution, and one of many members of the committee mentioned. In line with senior officers, the quantity works out to almost Rs 3,000 crore.

Over the previous few years, drought and lowering sugar gross sales have impacted the monetary well being of sugar mills, which at the moment are not able to lift new capital from the banks. The Maharashtra State Cooperative Sugar Factories Federation has repeatedly requested the state authorities to face assure for such mills in order that they may increase contemporary finance from banks. The state authorities, in flip, had requested mills for a proposal to think about their pleas to grant authorities assure, in order that they can increase capital for the upcoming season.

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Teja Sirisipalli

#Panel #examine #dues #paid #Maharashtra #coop #banks #lend #sugarmills

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