Maharashtra Cabinet allows co-op bank to open govt salary accounts, accept govt funds
In January, a similar grant was given to ruling Bharatiya Janata Party (BJP) MLC Pravin Darekar-headed Mumbai District Central Co-operative Bank.
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Apart from the permission to open salary accounts, the TJSB will now be eligible to accept investment of surplus funds from government corporations. (Representational Image)The Maharashtra Cabinet on Tuesday allowed the Thane Janata Sahakari Bank (TJSB) to open salary accounts of government employees and to accept investment of surplus funds from government corporations.
In January, a similar grant was given to ruling Bharatiya Janata Party (BJP) MLC Pravin Darekar-headed Mumbai District Central Co-operative Bank.
Apart from the permission to open salary accounts, the TJSB will now be eligible to accept investment of surplus funds from government corporations such as Mumbai Metropolitan Region Development Corporation (MMRDA), City and Industrial Development Corporation (CIDCO), Maharashtra Housing and Area Development Authority (MHADA) and Slum Rehabilitation Authority (SRA).
The current chairman of the bank, Sharad Narahar Gangal is the central executive committee member of Sahakar Bharti, an Rashtriya Swayamsevak Sangh (RSS)-affiliated co-operative organisation.
In March 2020, the Maharashtra government had directed all departments to open salary and pension accounts in nationalised banks only. In August 2020 and in November 2020, the decision was modified and co-operative sector banks were also allowed for the above mentioned transactions.
While TJSB is a multi-state scheduled cooperative bank, the list of district co-operative banks gets updated every year based on the criterion on annual audit and credit reserve ratio. The 14 DCCBs allowed in October 2023 are Thane, Raigad, Ratnagiri, Sindhudurg, Ahmadnagar, Pune, Satara, Sangli, Kolhapur, Latur, Akola, Bhandara, Chandrapur and Gadchiroli.
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