Maharashtra Information Technology and Cultural Affairs Minister Ashish Shelar on Monday expressed confidence that the Raigad Cooperative Bank would continue strengthening its financial position and present “the next stage of profitability” during the inauguration of its future branches.
Shelar praises bank's professional turnaround & public trust
Shelar was speaking at the inauguration ceremony of the Dahisar East branch of Raigad Cooperative Bank at Parbat Nagar in Mumbai.
Praising the bank’s turnaround, Shelar said the institution had regained public trust by operating professionally and safeguarding the interests of members, depositors and investors. He credited BJP leader and MLA Pravin Darekar for steering the bank out of financial difficulties and helping it emerge from RBI restrictions.
Darekar recalls bank's 1984 origin & threat of closure due to NPAs
“Shelar said Darekar took up the challenge of reviving the bank to ensure that the hard-earned money of over 14,000 members and depositors remained secure. By reducing the non-performing assets (NPA) to zero and bringing the bank back into profit, he rebuilt confidence in the institution,” the minister said.
Addressing the gathering, Darekar said the Raigad Cooperative Bank was established in 1984 by people from the Raigad region and had once faced the threat of closure due to mounting NPAs. He said efforts were made to restore the bank’s financial health and ensure that it would not face such a crisis again.
Bank open to support small businesses, workers & women
Darekar also highlighted the role of cooperative banking in supporting ordinary citizens, particularly workers and women. He said several initiatives introduced through cooperative institutions in Mumbai, including housing loans for mill workers, self-redevelopment financing for housing societies and interest-free loans for women entrepreneurs, had benefited thousands of people.
He added that the Raigad Cooperative Bank would remain open to supporting small businesses, workers and women seeking financial assistance and empowerment.
Several BJP leaders, cooperative sector officials and local representatives attended the event, including MLA Sanjay Upadhyay and Mumbai Bank Managing Director Sandeep Surve.
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