July 31, 2014 8:52 AM

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State govt nod for Rs 231 cr aid for Maha co-op banks

The Maharashtra government has approved financial assistance worth 231 crore rupees to strengthen district co-operative banks and primary agriculture credit co-operative societies in the state. The decision was taken at the state cabinet meeting held in Mumbai yesterday. There are 21,382 primary agriculture credit societies and 31 district co-operative banks in the state. An official release said, District co-operative banks will get 136 crore rupees, while agriculture credit societies will receive 95 crore rupees. Due to crop loan provision at a six per cent interest rate since 2006-07, interest returns have dwindled, affecting the financial capacity of these institutions.The Maharashtra cabinet also decided to hike financial appeal powers of district courts from 10 lakh to 25 lakh rupees. Property rates have increased in the state and there are several pending cases in different courts.

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