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<ul><li>NCP leader Jayant Patil reached <keyword id="6366108" type="UNKNOWN" weightage="20" keywordseo="ajit-pawar">Ajit Pawar</keyword>’s residence to bring him back to the party fold. </li><li>Top BJP leaders too are present at Ajit Pawar’s residence. </li><li>The Sena-Cong –NCP combine also filed a case against the governor’s move to swear in Fadnavis –calling it illegal.</li></ul> The Supreme Court today said that will give an order on a possible floor test in Maharashtra tomorrow at 10:30 am. If that happens, the brand new government led by BJP's Devendra Fadnavis has to prove majority numbers. The Sena-NCP-Congress combine filed a case against the Maharashtra governor's move to swear in Devendra Fadnavis as chief minister of Maharashtra on Saturday (November 23). In addition, the Court also sought the letters written by Fadnavis to the governor saying that he has majority--and a letter written by the governor inviting BJP to form the government. In the meanwhile, the Shiv Sena-NCP-Congress combine is leaving to stone unturned to ensure that the Fadnavis government does not stand. Maharashtra party chief Jayant Patil has reached the residence of Ajit Pawar to bring him back into the party fold. On the other hand, top BJP leaders too are present at Ajit’s residence to ensure he does not turn tables yet again. Jayant Patil however is very confident of bringing back Ajit, as he has included his name in the list of MLAs who will support him, as he intends to submit a letter to the governor today—claiming majority. “Ultimately he is part of NCP family and we are trying to convince him. Let us see what happens,” he told reporters while travelling in a car. After a midnight coup on late Friday, Devendra Fadnavis was sworn in as CM and NCP leader Ajit Pawar as deputy CM by governor on early Saturday. However, ever since <keyword id="6364749" type="UNKNOWN" weightage="20" keywordseo="Sharad-Pawar">Sharad Pawar</keyword> the numero uno of NCP and Uddhav Thackeray who was hoping to become the chief minister until late Friday night – made many claims. While senior Sena leader Sanjay Raut blamed Pawar for backstabbing, Sharad Pawar called Ajit Pawar’s actions—indiscipline. After that however the sworn-in deputy CM Pawar went back to his own personal residence, sparking rumours that he might make a U-turn once again. IThe Sena-Cong –NCP blamed had filed a case against the governor’s move to cancel President’s rule in the state and swear in Fadnavis –calling it illegal. The state went into a crisis mode after former frenemies--BJP and Sena could not agree on seat sharing, especially when it comes to the chief minister. Both these parties together could have reached the majority of 140 odd seats needed, but the fragile alliance which was evident even before polls could hold on. This was especially true after Sena won a<a href="https://www.businessinsider.in/politics/elections/news/maharashtra-state-assembly-election-2019-final-result/articleshow/71731412.cms"> surprisingly better mandate</a> with 56 seats shifting the balance of power. The fact that NCP and Congress also won 54 and 44 seats also made them a powerful combine. BJP, on the other hand, won 105 seats even as exit polls predicted a massive win of over 200.

Mahacourting begins as SC to take a call on immediate floor test tomorrow

Long stints in electoral politics and past experience in handling key government departments are the hallmarks of Congress-NCP-Shiv Sena legislators who took oath as ministers along with Maharashtra Chief Minister Uddhav Thackeray at the Shivaji Park here on Thursday evening. Thackeray is heading a coalition government, the Maha Vikas Aghadi (MVA), whose main constituents are the Sena, the Congress and the NCP. <keyword id="6360285" type="PERSON" weightage="20" keywordseo="chhagan-bhujbal">Chhagan Bhujbal</keyword>, Jayant Patil (both from the NCP), Balasaheb Thorat and Nitin Raut (both from the Congress), Eknath Shinde and Subhash Desai (both from the Sena) took oath as ministers along with Thackeray. Chhagan Bhujbal: Bhujbal (72) is a veteran figure in Maharashtra politics, who has the rare distinction of being associated with all the three major non-BJP parties in the state. A senior Nationalist Congress Party (NCP) leader, Bhujbal had been a member of both the Shiv Sena and the Congress at different times. Taking over as a minister is a sort of revival of his political fortunes after spending two years in jail since March 2016 in a money laundering case when the BJP-led government was in power. Bhujbal, who represents the OBC community, cut his political teeth in the Shiv Sena. He served as the Mayor of Mumbai, a Sena bastion, two times - 1985-86 and 1990-91. He quit the Sena in 1991, causing quite a stir in state politics, and joined the Congress. Bhujbal resigned from the Congress in 1999 and sided with Sharad Pawar who formed the NCP the same year. He became deputy chief minister in December 2008 and held key portfolios such as home affairs and public works in the Congress-NCP government. Jayant Patil: Jayant Patil (57) is perceived as a leader with a clean image. He took charge of the NCP's Maharashtra unit replacing Sunil Tatkare in April 2018, ahead of the crucial Lok Sabha and state Assembly polls. The NCP retained its tally in the 2019 April Lok Sabha election and fared better in the October Assembly polls, but the credit largely went to his boss, Pawar. Being part of a motley alliance of once-rival and ideologically divergent parties, Patil, known for composed demeanour, will be one of the key leaders who will be seen doing the trapeze act to ensure the three-party government sustains. Patil, son of well-known Maharashtra leader the late Rajaram Patil, held key portfolios like finance, home and rural development from 1999 to 2014 when the Congress-NCP combine ruled the state. Eknath Shinde: Shinde (55) is the most prominent face of the Sena in the adjoining Thane city from where has been elected consecutively four terms to the assembly. Considered a troubleshooter in the Sena, Shinde was the PWD minister in the previous BJP-led government (2014-19. Subhash Desai: One of the confidants of Uddhav Thackeray, Desai (77) is currently an MLC. The senior-most member of the cabinet had been a member of the assembly three times. Now serving his third term in the upper house of the legislature, Desai was the industries minister in the 2014-19 BJP-Sena government. Balasaheb Thorat: Congress leader Balasaheb Thorat (66) took charge of the party's state unit at a difficult time. When Thorat became the Maharashtra Congress chief in July this year, the party was already staring down the barrel after its Lok Sabha poll debacle in the state, once its citadel. It could win only one seat in the general election and was relegated to inferior position than its ally, the NCP. The Congress (44) though fared better in the Assembly elections, winning two more seats than its 2014 tally. The result may not be satisfactory for the party, which led the state several times in the past, a trusted lieutenant of the party's central leadership, Thorat ensured proper co-ordination in the state unit hit by factionalism. Thorat, known for maintaining a low profile, was first elected as an MLA from Sangamner in 1985 as an independent. In 1990, he contested Assembly poll on a Congress ticket and this is his eighth term as a legislator. He became a minister of state in 1999 and was promoted as a cabinet minister in 2004. The Congress legislature party leader has held revenue, agriculture, water conservation and protocol portfolios in the past. Nitin Raut: A key leader of the Congress from its erstwhile bastion of Vidarbha in eastern Maharashtra, Raut (62) is a four-term MLA. He is national chairman of the Congress's Scheduled Caste department and one of the working presidents of the party in Maharashtra. Hailing from Nagpur, Raut, too, comes with past experience in government. He has held animal husbandry, employment guarantee and water conservation departments so far.

A quick look at Uddhav Thackeray's cabinet as he heads a coalition government in Maharashtra

NCP winner candidate list for Maharashtra state elections

Mumbai, In a huge jolt to the opposition <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (BJP), senior leader <keyword id="6357736" type="PERSON" weightage="20" keywordseo="Eknath-Khadse">Eknath Khadse</keyword> has quit the party to join the ruling <keyword id="54794" type="ORGANIZATION" weightage="20" keywordseo="Nationalist-Congress-Party">Nationalist Congress Party</keyword>, a top leader said here on Wednesday. "He has quit the BJP after serving the party for over 35 years... He will join the NCP on Friday afternoon," NCP State President and <keyword id="10144819" type="UNKNOWN" weightage="20" keywordseo="minister-jayant-patil">Minister Jayant Patil</keyword> told mediapersons. Besides, several other BJP leaders, including many activists at various levels, are likely to follow suit and shall be followed by other elected legislators later, said Patil. "Khadse Saheb has expressed his willingness to work under the leadership of NCP President <keyword id="6364749" type="PERSON" weightage="20" keywordseo="Sharad-Pawar">Sharad Pawar</keyword>... He has been subjected to great injustice in his party... Other elected leaders would enter NCP at a subsequent stage...," the NCP state chief said. Earlier, Khadse informed newspersons that he had quit from the primary membership of the BJP. However, state BJP spokesperson Keshav Upadhye claimed that the party has not received his (Khadse's) resignation letter so far. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-ioc-ongc-cipla-hindustan-zinc-prabhat-dairy-and-others/articleshow/78780036.cms" data-type="tilCustomLink">Top stocks to watch — RIL, IOC, ONGC, Cipla, Hindustan Zinc, Prabhat Dairy, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-samsung-galaxy-m51-mobile-review/articleshow/78780771.cms" data-type="tilCustomLink">Samsung Galaxy M51 review – insane battery life</a> <a href="https://www.businessinsider.in/defense/news/india-will-be-most-consequential-partner-for-us-in-indo-pacific-this-century/articleshow/78780949.cms" data-type="tilCustomLink">US Defence Secretary believes India will be the most consequential partner for US in Indo-Pacific this century</a>

Senior leader Eknath Khadse quits BJP to join NCP

Maharashtra’s Hatkanangle is a Lok Sabha constituency comprising of six Vidhan Sabha seats and the list includes Shahuwadi, Hatkanangle, Ichalkaranji, Shirol, Islampur, and Shirala. The Hatkanangle seat is reserved for SC candidates and the rest are general seats. For 2019 assembly elections, Shiv Sena is fielding Sujit Minchekar against the INC candidate Rahul P Khanjire. From the Shirol constituency, Shiv Sena fields Ulhas Patil. Shivajirao Naik is contesting from the Shirala seat. The term of the present assembly is ending in 2019 November and hence the new assembly polls conducted now will decide the new government who will take charge of the Maharashtra Vidhan Sabha for the next five years. The date of the election is October 21, 2019. The votes will be counted on October 24, 2019 and the results are likely to be announced on the same day by evening. In 2019 general elections for the Lok Sabha, Raju Shetty of SWP won the seat overtaking Awade Kallappa Baburao of INC by scoring 177,810 more seats. In 2014 assembly elections, Satyajeet Babasaheb Patil (Aba) Sarudkar of SHS scored 388 more votes than the runner up Kore Vinay Vilasrao (Savakar) of JSS and won the Shahuwadi seat. The winner of the Hatkanangle (SC) seat is Dr. Minchekar Sujit Vasantrao of SHS who got 29370 votes more than Awale Jaywant Gangaram. From the Ichalkaranji constituency, BJP’s Suresh Ganpati Halvankar won INC’s Awade Prakash Kallappa with a merit margin of 15255 votes. From the Shirol seat, Patil Ulhas Sambhaji of SHS won the NCP candidate Rajendra Shamgonda Patil (Yadravkar) by getting 20033 votes in excess. The winner of Islampur seat was Jayant Rajaram Patil of NCP who scored 75186 votes more than Abhijit Shivajirao Patil of IND. From Shirala seat, Naik Shivajirao Yashwantrao of the BJP won by overtaking the NCP candidate Mansingh Fattesingh Naik with 3668 votes more.

Shahuwadi, Hatkanangle, Ichalkaranji, Shirol, Islampur and Shirala candidate names and result for Maharashtra Vidhan Sabha Election

Mumbai, The <keyword id="6364749" type="General" weightage="50" keywordseo="sharad-pawar" source="Orion">Sharad Pawar</keyword>-led NCP has issued a whip to all MLAs asking them to remain present for a key meeting in Mumbai on Wednesday, while the rival group headed by Maharashtra Deputy Chief Minister <keyword id="6366108" type="General" weightage="20" keywordseo="ajit-pawar" source="Orion">Ajit Pawar</keyword> has also called a separate meeting of party legislators here. The one-line whip issued on Tuesday by Jitendra Awhad, chief whip of the Sharad Pawar-led NCP, said the meeting has been called by Sharad Pawar at 1 pm at Y B Chavan Centre on July 5, and the presence of all MLAs is mandatory. Pawar senior named Awhad as chief whip after nephew Ajit Pawar joined the Shiv Sena-BJP government with eight other MLAs on Sunday. The Ajit Pawar camp also issued a notice on Tuesday to all current and former legislators, parliamentarians, office-bearers, working committee members and others, asking them to attend a meeting convened by Sunil Tatkare, the Maharashtra unit president appointed by the group, at the MET institute's premises in suburban Bandra on Wednesday. The notice was issued by Shivajirao Garje, who has been expelled by the Sharad Pawar-led party for "indulging in anti-party activities". The Ajit Pawar camp has asked Maharashtra Assembly Speaker Rahul Narwekar to disqualify state NCP president Jayant Patil and Jitendra Awhad as MLAs. NCP working president Praful Patel, who was sacked from the party by Sharad Pawar, on Monday appointed Ajit Pawar as leader of the NCP legislature party, while Anil Bhaidas Patil, who took oath as a minister on Sunday, will continue to be the party whip in the Assembly. The NCP led by Sharad Pawar has moved a petition before Speaker Narwekar, seeking disqualification of Ajit Pawar and eight other MLAs who have taken oath as ministers in the Eknath Shinde-led government. The NCP has 53 MLAs in the Maharashtra Legislative Assembly.

Sharad Pawar-led NCP issues one-line whip to all MLAs; Ajit Pawar group too issues notice for its meet

Ahead of his possible resignation, Chief Minister <keyword id="53973" type="General" weightage="20" keywordseo="uddhav-thackeray" source="Orion">Uddhav Thackeray</keyword> started making 'final calls' after his emotional challenge to the rebels previous evening that he was ready to quit the post (CM) as well as <keyword id="110829" type="General" weightage="20" keywordseo="shiv-sena-chief" source="Orion">Shiv Sena chief</keyword>, here on Thursday. Simultaneously, alliance partner Nationalist Congress Party (<keyword id="42402" type="General" weightage="20" keywordseo="ncp" source="Orion">NCP</keyword>) state President and Minister Jayant Patil ruled out the possibility of the CM's demitting office and expressed optimism that the political crisis would be defused. On Wednesday evening, Thackeray addressed the state via social media and expressed his readiness to step down from both crucial posts provided the rebels led by Minister Eknath Shinde come to meet him and say they don't want him to continue. However, Shinde promptly spurned the CM's offer, reiterating his pre-condition that the Shiv Sena must first walk out of its Maha Vikas Aghadi (MVA) alliance government with the NCP and Congress. Hours after that, late on Wednesday, Thackeray and family packed up their bags and left the CM's official residence 'Varsha' at Malabar Hill and returned to the family home, 'Matoshri' in Bandra. Prior to that, he also held meetings with NCP President Sharad Pawar and NCP state chief Patil, Congress leaders including state President Nana Patole and central leader Kamal Nath, besides other senior Sena leadership. Thackeray is scheduled to address an online meeting of all top Mantralaya bureaucrats this day ostensibly to express his gratitude for their cooperation and contributions during the 30-month tenure of the MVA regime. The political suspense continued with Sena MP Sanjay Raut claiming in Mumbai that "around 20 MLAs" from the rebel group were in contact with the party leaders, besides the 15-odd currently in Mumbai. "About 20 MLAs are in touch with us... When they come to Mumbai, you will get to know. We will reveal soon under what circumstances and pressures these (rebel) MLAs left us," declared Raut. NCP's Patil expressed hope that the rebels would return to the Sena fold and ensure the continuation of the MVA government for which Thackeray is making all efforts and the other allies are fully helping out. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-vodafone-idea-to-buy-spectrum-worth-71000-crore-in-the-coming-5g-auction-reveals-report/articleshow/92405807.cms">Reliance Jio, Airtel, Vodafone Idea to buy spectrum worth ₹71,000 crore in the coming 5G auction, reveals report</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-introduces-a-200mp-camera-sensor-with-0-56-micrometer-pixels/articleshow/92405653.cms">Samsung introduces a 200MP camera sensor with 0.56-micrometer pixels</a>

Uddhav Thackeray starts making farewell calls ahead of possible resignation

In a sensational twist, Ajit Pawar quit as the deputy chief minister of Maharashtra within four days of swearing in. He had broken away from NCP to support BJP-led government ditching his uncle Sharad Pawar ----and the alliance was forging with Shiv Sena and Congress. Ever since, Ajit he was wooed by many NCP members including Jayant Patil, the new head of the party. While many did predict that Ajit would do a U-turn, he tweeted on Sunday saying that he will aid BJP in forming a ‘stable’ government. Sanjay Raut, the senior leader of Shiv Sena has already made a statement that Ajit Pawar is now with them. “Uddhav Thackeray will be the chief minister,” he told reporters. The current chief minister Devendra Fadnavis is said to address the media in a short while. Today morning, the Supreme Court called for a floor test in Maharashtra to test the strength of the current BJP government as Fadnavis was sworn in on early Saturday morning. There have been many twists and turns in the Maharashtra politics. Former ally partners BJP and Sena refused to agree on the chief minister’s post and broke away, after weeks of negotiations. This led to President’s rule in the state. Later, Sena joined hands with COngress-NCP combine and just within hours of them announcing <keyword id="53973" type="PERSON" weightage="20" keywordseo="Uddhav-Thackeray">Uddhav Thackeray</keyword> as the CM last Friday, Ajit Pawar turned tables and was sworn in on Saturday morning along with Fadnavis. SEE ALSO <a href="https://www.businessinsider.in/politics/news/devendra-fadnavis-to-be-maharashtra-chief-minister-as-supreme-court-orders-floor-test/articleshow/72234704.cms">Devendra Fadnavis-led BJP to face trust vote in Maharashtra Assembly on Wednesday</a>

No temporary friends in Maharashtra politics: Ajit Pawar quits as Dy CM

Maharashtra State Elections winner and leading candidate list 2019

On expected lines, the <keyword id="54794" type="General" weightage="50" keywordseo="nationalist-congress-party" source="Orion">Nationalist Congress Party</keyword> (<keyword id="42402" type="General" weightage="80" keywordseo="ncp" source="Orion">NCP</keyword>) on Friday unanimously rejected the resignation of party's national President <keyword id="6364749" type="General" weightage="50" keywordseo="sharad-pawar" source="Orion">Sharad Pawar</keyword> and requested him in one voice to continue in his post. The decision was taken at a meeting of the special panel set up by <keyword id="42401" type="General" weightage="100" keywordseo="pawar" source="Orion">Pawar</keyword> to name his successor after his dramatic announcement to step down, made on May 2, said NCP Vice-President Praful M. Patel, who is the convenor of the committee. Addressing a crowded media conference, Patel said that the panel's decision on two resolutions - rejecting the resignation and urging him to continue as party chief - shall be conveyed to Pawar for his final call in the matter. The committee also resolved that it was unable to elect another President in place of Pawar and requested him to continue till his full term ended, indicating that the party has fully united under him vis-A-vis recent speculation of a possible split. State President Jayant Patil said that the resolutions were passed in tune with everybody's expectations and now a team of senior leaders shall meet Pawar and convey it to him. The official decision was greeted with thunderous applause and cheers, tears of relief shed by some activists, singing and dancing by the party rank-and-file who had gathered outside the NCP headquarters. Patel said that the entire party has made its sentiments clear on Pawar's decision, and their views were again put forth at the committee meeting today, as the shell-shocked party grassroots workers eagerly awaited their decision. Nevertheless, Pawar Sr.'s nephew <keyword id="6366108" type="General" weightage="50" keywordseo="ajit-pawar" source="Orion">Ajit Pawar</keyword> had adopted a differing line since the past four days and batted for electing a new party chief. After the panel decision, Ajit Pawar did not comment on the fresh development and he is likely to meet his uncle later in the day. Soon after Pawar, 83, dropped his bombshell on the national political horizon, the NCP had been in a turmoil with protests, demonstrations, hunger strikes, appeals and letters penned in blood, spate of lower rung resignations, etc, demanding he should retract his move. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/retail-inflation-in-india-expected-to-average-at-5-2-2023-emkay/articleshow/100010743.cms">Retail inflation in India expected to average at 5.2% 2023: Emkay</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-is-at-a-tipping-point-and-a-major-focus-for-apple-says-tim-cook/articleshow/100011015.cms">India is at a 'tipping point' and a major focus for Apple, says Tim Cook</a>

NCP junks Sharad Pawar's resignation, wants him to remain President

Budget has nothing for Maharashtra, says ruling alliance
(Eds: with additional quotes)
Mumbai, Feb 1 () The ruling Shiv Sena, NCP and
Congress on Saturday termed as "disappointing" the Union
budget, claiming that it did not offer much to the "highest
tax-payers" Mumbai and Maharashtra.
Opposition BJP in Maharashtra hailed the Budget 2020-
21, saying it strengthens the economy and makes provision for
the welfare of all.
"The budget has left Maharashtra and Mumbai the most
disappointed. Mumbai gives highest tax, Maharashtra gives
highest tax to the Centre, but they were completely ignored,"
Revenue Minister and state Congress chief Balasaheb Thorat
told reporters here.
The budget presented by Union finance minister Nirmala
Sitharaman was "old wine in new bottle", he said.
Thorat also questioned the Union government's claim
that farmers' income would be doubled by 2022.
The agricultural growth rate should be 11 per cent to
achieve this goal, while the current rate is not moving beyond
2 per cent, the Congress leader said.
NCP MP Supriya Sule said, "Sensex plunged when the
budget was being presented in the House. It shows the budget
makes no sense."
 The Budget has introduced new slabs and reduced the
income tax rate for different slabs for individual income of
up to Rs 15 lakh per annum, if a taxpayer opts for foregoing
exemptions and deductions.
Referring to it, Shiv Sena spokesperson Manisha
Kayande said there was no clarity about the option offered.
"Who would not like to get a tax benefit? If a person
is investing in LIC or mediclaim, why would the person not opt
for tax benefit? People basically make these investments for
tax benefit apart from getting insurance (cover). So there is
no clarity on this," she said.
The Sena leader also expressed concern over "closing
down" of government-owned enterprises like Air India.
"It is a major drawback. Plus, they are banking
completely on LIC. Almost 290 million people invest in LIC.
That means the government is eying public money," she added.
Water Resources Minister and NCP leader Jayant Patil
said the budget offers nothing to give a momentum to the
economy.
"Farmers too have got nothing from the budget...the
budget is mere 'jumlebaazi' (gimmick)," the former Maharashtra
finance minister said.
NCP spokesperson Mahesh Tapase accused the government
of "over-commitment and under-delivery" leading to loss of
faith of investors, industry and consumers.
Tapase said the current gross GDP figures do not
support the government's claim about the target of USD 5
trillion economy.
Former Maharashtra chief minister Ashok Chavan said
the budget ignores the burning issue of unemployment and the
Union government was making no effort to increase purchasing
power of the poor and middle classes.
BJP leader and former chief minister Devendra Fadnavis
hailed the budget as "progressive and reform-oriented", saying
it lays the foundation of a "new India".
"The 2020 #JanJanKaBudget lays the foundation for the
journey of Bharat to Navbharat in this new decade, of an even
more developed and modern India with a greater speed ! Kisan
Rail, Krishi UDAN are path breaking steps for our farmers and
will fulfill the ASPIRATIONS of INDIA!" Fadnavis tweeted.
Maharashtra BJP chief Chandrakant Patil said the
budget takes care of all sections of society including
farmers, women, the youth, tribals, traders, employed and
others in line with Prime Minister Narendra Modi's 'Sab Ka
Sath, Sab Ka Vikas, Sab Ka Vishwas' (inclusive growth with the
trust of all) slogan. ENM NSK
KRK KRK

BUD-LD MAHA-PARTIES

Mumbai, Feb 4 () Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday.
Any progress on such a scheme can only happen once the exact extent of the fraud and the liabilities arising are ascertained through a forensic audit, MSC Bank Chairman Vidyadhar Anaskar made it clear.
For the branch merger as opposed to bank merger idea, he explained that MSC Bank is an apex bank for cooperatives and Punjab and Maharashtra Cooperative Bank's multi-state presence makes it difficult to execute such a deal.
"We have written to the Finance Minister, suggesting a branch merger and not a bank merger," Anaskar told reporters here.
He said under the proposed scheme, apex banks in Gujarat and other states where PMC has a presence will take over its branches to make it easier for the transaction to go through.
It can be noted that over Rs 11,000 crore in depositor money has been stuck after the RBI decided to put PMC Bank under instructions in September last year, and appointed an administrator on it after discovering mismanagement.
The bank has been found to have given over Rs 6,700 crore loans to a single company - realty player HDIL - through allegedly fraudulent means and also hid the stress from the Reserve Bank of India by creating to separate books of accounts.
The police has pegged the extent of fraud at PMC Bank at RS 4,700 crore, while other agencies, including the Enforcement Directorate, are also investigating the matter.
A few months ago, NCP leader and Maharashtra minister Jayant Patil had publicly suggested the idea of merging PMC Bank with MSC Bank.
Anaskar said before any progress on the matter, it is essential to ascertain the extent of the fraud at the lender which can only be done after the RBI's forensic audit in the matter.
He, however, also said the RBI may not be averse to a branch merger that the bank is suggesting and such a transaction will not require any changes in laws.
In support of his argument, Anaskar reminisced over six years ago, there was a similar proposal for a branch merger of the troubled Rupee Cooperative bank and the RBI was amenable to the idea.
Meanwhile, the MSC Bank also announced that it has sent two separate proposals to the RBI for merging Rupee and City Cooperative Bank with itself, which will require it to allocate over Rs 1,300 crore of capital.
Both the proposals have been presented jointly with the target banks and after ratification by the cooperatives department of Maharashtra government.
It will have to allocate Rs 980 crore for the Rupee merger, while the City bank scheme will require it to allocate nearly Rs 300 crore.
The genesis of both the proposals is the bank's desire to de-risk beyond the sugar industry by serving the retail segment, Anaskar said, adding that merging the two urban cooperatives banks with itself will give it a retail heft both in distribution and assets.
The total assets of both the banks are Rs 1,400 crore, which will give MSC Bank a good foothold in the retail category, he said, adding that to start with the entire portfolio will be considered as a loss.
Both the proposals involve a support from the Deposit Insurance and Credit Guarantee Corporation, wherein the deposit holders in both the troubled banks will be paid upfront and the bank will subsequently pay-off the DICGC.
Over a third of the depositors' stuck money is released upfront by the DICGC as liquidity support to make a merger possible and then repaid back by the bank once asset recoveries start, he said.
Anaskar exuded confidence that the RBI will give it a go-ahead on both the mergers in about four months' time, despite its own record of having stuck with a mismanagement three years ago.
He said MSC Bank has a total capital adequacy of over 16 per cent, including core buffers at over 14 per cent, and will be able to take care of a merger like this.
At present, the bank is returning excess capital to the district banks which are its members, Anaskar said.
Rupee has five lakh depositors, while City has over 80,000 depositors. AA BAL
BAL

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Mahacourting begins as SC to take a call on immediate floor test tomorrow

Katya Naidu

A quick look at Uddhav Thackeray's cabinet as he heads a coalition government in Maharashtra

PTI

NCP winner candidate list for Maharashtra state elections

BI India Bureau

Senior leader Eknath Khadse quits BJP to join NCP

IANS

Shahuwadi, Hatkanangle, Ichalkaranji, Shirol, Islampur and Shirala candidate names and result for Maharashtra Vidhan Sabha Election

BI India Bureau

Sharad Pawar-led NCP issues one-line whip to all MLAs; Ajit Pawar group too issues notice for its meet

PTI

Uddhav Thackeray starts making farewell calls ahead of possible resignation

IANS

No temporary friends in Maharashtra politics: Ajit Pawar quits as Dy CM

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