The MSC bank gets banking license from RBI

PUNE: The Maharashtra State Cooperative Bank received banking license from the Reserve Bank of India on Thursday, 46 years after its establishment in 1966. The MSC bank is the apex co-operative bank of the three tier co-operative banking sector in Maharashtra.

It is a major lender for agriculture and agri-business, mainly the sugar industry in the state. The bank is run by an administrator from May 2011, appointed on the advise of the RBI.

The bank had to fulfil four conditions related to cash reserve ratio (CRR), statutory liquidity ratio (SLR), capital adequacy ration (CRAR) and net worth.