Money & Banking

Maharashtra gives banking mandate to IDBI Bank, district co-op banks

Our Bureau Mumbai | Updated on July 08, 2020 Published on July 08, 2020

The Maharashtra State Cabinet on Wednesday decided to give its banking mandate to IDBI Bank, regional rural bank and 15 district central cooperative banks in the state. The mandate is only for the partial handling of certain funds.

A press statement issued by the Chief Minister’s Office said the decision to give the mandate to IDBI Bank was taken keeping in mind the fact that the Government of India and Life Insurance Corporation of India held 97.46 per cent of the share capital of the bank.

IDBI Bank will handle excess funds of State Government public undertakings and corporations. It will not handle State Government employee salaries and pensions, the statement said.

Feedback was sought from the Maharashtra Department of Co-operation, Textiles and Marketing on District Central Cooperative Banks that are financially viable and are run professionally.

Accordingly, approval was given to 15 District Central Co-operative Banks to conduct government banking transactions (excluding salaries and pensions of government employees).

Sender notified with GeoTrack

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Published on July 08, 2020
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