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Maharashtra Govt form committees to study lockdown impact on cooperative financial institutions

The panels have been asked the study the finance option available for the farmers and professionals or salaried persons.

Maharashtra Govt form committees to study lockdown impact on cooperative financial institutions
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The Maharashtra government has formed two committees to assess the impact of national lockdown on cooperative financial institutions in urban and rural areas. 

The nine-member committee will examine the impact on the urban cooperative banks and their credit system while another committee will estimate the COVID-19 impact on the functioning of cooperative institutions which provide loans to farmers. 

The panels have been asked the study the finance option available for the farmers and professionals or salaried persons. The cooperative, marketing and textile department issued an order on Wednesday constituting the committees which will comprise of government officials and representatives of cooperative financial institutions. 

According to media reports, the first committee is chaired by the state cooperative commissioner Anil Kawade and is expected to submit its report within two months. Moreover, the second panel will be headed by the Maharashtra State Urban Banks Federation President Vidyadhar Anaskar. 

The first committee will study the impact of national lockdown on the functioning and finance of urban cooperative banks and credit societies. The order by concerned departments said that lending money to professional and salaried persons was the backbone of urban cooperative banks and credit societies.

The committee has been asked to make recommendations which can be implemented after the lockdown is lifted, the order said. 

The second committee will examine the lockdown impact on the functioning of cooperative institutions including district central cooperative banks and village level credit society. These institutions deposit the amount of all the government schemes into the bank accounts of the farmers. 

The committees have been asked to submit their report within two months. There are more than 2 lakh cooperative organisations across Maharashtra and they require the support of the state government. 

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