Maharashtra government on Thursday allowed its offices to carry out transactions with the Maharashtra State Cooperative Bank, a statement said. State government PSUs (public sector undertakings) were also given permission to make investments in the bank by the cabinet, which is led by Chief Minister Eknath Shinde.
The approvals were given on the basis of the bank’s role in the cooperative sector, the statement said, adding that the bank’s net worth is more than Rs 4,000 crore and it has been posting profits for the past five consecutive years.
Auditors have graded the bank in the A category, and no restrictions have been imposed on it by the Reserve Bank of India (RBI), the statement said.