MUMBAI: The Maharashtra State Cooperative Bank (MSC) has decided to extend its jurisdiction to finance hair cutting saloons and hospitals on co-operative basis.
Vidyadhar Anaskar, Chairman of the administrative board of the apex bank, suggested in the annual general body meeting that the bank is providing finance to the various sectors like district banks, co-operative credit societies and housing societies. “Now, the scenario is changing and the bank have to expand their wings in other sectors and support them,” said Anaskar. The bank also decided to change its name to Maharashtra State Apex Cooperative Bank to ‘reflect its status’.
There is a three-tier system in co-operative sector. The State bank is on the top of this system as an Apex body of the co-operative banks in state, whereas the district co-operative banks are at the second level and known as apex body of co-operative banks in districts.
The bank also decided to form a grievance redressal mechanism to prevent long and tedious legal processes.
Anaskar said that the said the dispute resolution committee will be headed by an eminent banker and all disputes would be referred to it before going to the court.
“If the committee submits its failure report, then the dispute will go to the courts ,” he said.