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Business EconomyPosted at: May 21 2022 9:05PM


Thane District Coop Bank not to be split into two for Palghar: Maha DyCM

Palghar, May 21 (UNI) Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Saturday categorically stated that the Thane District Co-operative Bank, which manages the affairs of the two districts of Thane and Palghar, will not be split into two to set up the Palghar District Co-operative Bank.
Palghar district was carved out of the erstwhile Thane district on August one, 2014.
Speaking at a function at Dahanu of the district, he said that unless the financial activities of the district become self sufficient, the Bank will not be split into two and a new bank will be established for Palghar, he reiterated.
In his speech, he said that it is very difficult to manage a small bank and hence, the new bank will not come into being for now.
Pawar also said that he has a vast experience in the co-operative field and has been the chairman of the Pune District Co-operative Bank for many years and can very well vouch that it was extremely difficult to manage small banks, he noted.
To drive home his point, the Finance Minister cited an example of Nandurbar-Dhule and Akola-Vashim where the bank is the unified bank and still not split into two.
He also stated that once the financial position of the district improves for better in future, the situation will be reviewed and take a decision in this regard.
"However, once the financial situation changes for better, we will examine splitting the bank," he said.
"No doubt by creating a new bank, activists of political parties are accommodated and they are benefited, but the bank suffers," he added.
"The Palghar District Co-operative Bank will not happen for now, else you will be ruined," Pawar warned.
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