Sumptuous suport for farmers from MSCB

With farmers from the State devastated due to frequent heavy rains, MSCB, which is identified as the farmers Bank has announced a donation of Rs. 10 Crores from the profits earned by the Bank to the Chief Minister's Relief Fund. The announcement was made by the administration at the recently held 114th Annual General meeting of the Bank. The same received a resounding applause and support from the members present. On behalf of The Maharashtra state co-operative bank ltd. Hon. Administrator Vidyadhar Anaskar handed over Rs.10 Crores cheque to Hon. Chief Minister Devendra Fadnavis.

As an apex Bank within the 3-tier credit structure in Cooperative Sector, Maharashtra State Cooperative Bank provides financial assistance to the farmers with the help of District Banks. During the financial year ending 31st March 2025, MSCB has disbursed loans of Rs. 16,898 Crores forming 47% of the total loans to farmers. Through the medium of sugar industries, the Bank has disbursed loans to the tune of 26% of the total loans. The combined figures of loans from MSCB thus stand at almost 73% and naturally the Bank is identified as farmers Bank. After MSCB was appointed as Institutional Administrator of Nagpur District Cooperative Bank, loans to the tune of Rs. 154 Crores have been disbursed out of the target of Rs.155 Crores set by the MSCB. The center of the MSCB emblem highlights a farmer indicating farmers interests to be central for the Bank. It is with this thought process that MSCB has donated funds of Rs.10 Crores to the Chief Minister's Relief Fund as a small token of ethical support.

While funds such as CSR are available to the Banks established under Companies Act as well as to other Banks, these are not available to the Cooperative Banks. According to the Reserve Bank of India rules, they can utilize only 1% of the profits earned for social purposes. However, for Chief Minister's or Prime Minister's Relief Fund the limit for the same is 2% of the profits from previous year. The Reserve Bank of India needs to raise this limit for such calamities.

Celebrating the propriety of International Year of Cooperation, I appeal to all the cooperative institutions from the State to donate maximum of funds from their profits for our farmer brothers to the Chief Minister's Relief Fund.