Maharashtra cabinet approves Rs 827 cr share capital for three district banks

Mumbai, Nov 11 (PTI) The Maharashtra cabinet on Tuesday approved a share capital of Rs 827 crore for three district banks in Nashik, Nagpur, and Dharashiv to strengthen their financial position and ensure smooth rural credit flow.

Apart from granting financial assistance to cooperative banks, the cabinet also approved the strengthening of judicial security and clearance for irrigation projects in Hingoli district in a meeting chaired by Chief Minister Devendra Fadnavis.

Of the Rs 827 crore approved as the government share capital, Rs 672 crore will go to Nashik district central cooperative bank, Rs 81 crore to Nagpur bank, and Rs 74 crore to Dharashiv bank. The decision follows recommendations from the Reserve Bank regarding recapitalisation and revival of these banks, according to a statement.

The government also authorised the appointment of an administrator for Dharashiv District Bank, replacing its existing board due to its deteriorating financial condition. Nashik and Nagpur banks have administrators.

In a major move under the Law and Judiciary Department, the cabinet approved the recruitment of 8,282 additional security guards to enhance security at court complexes and judges' residences across Maharashtra.

The guards will be deployed through the Maharashtra State Security Corporation (MSSC). Of the approved 8,282 security guards, 4,742 personnel will be assigned to courts, and 3,540 to judges' residences.

This decision follows directives from the Aurangabad bench of the Bombay High Court on a public interest litigation. The government has also sanctioned a budgetary provision of Rs 443.24 crore for salaries of additional security guards.

The finance department approved the extension of the implementation period of the Fifth Maharashtra Finance Commission's recommendations till March 31, 2026. The extension was necessitated due to administrative changes, including the recent appointment of Dr. Nitin Kareer as chairperson of the Sixth Finance Commission following the demise of Mukesh Khullar.

Under the Water Resources Department, two key irrigation projects in Hingoli district were cleared, the release said.

The cabinet approved Rs 90.61 crore for the Digras Storage Tank Project in Hingoli taluka, which will irrigate 603 hectares and provide drinking water to nearby villages.

Similarly, Rs 124.36 crore was sanctioned for the Sukli Storage Tank Project in Sengao taluka, expected to bring 677 hectares under irrigation.

Both projects are under the Godavari Marathwada Irrigation Development Corporation and aim to promote sustainable agriculture and rural development in the region. PTI MR NSK