India News | Maharashtra Govt Depts Allowed to Transact with 8 Pvt Banks, MSCB

Mumbai, Nov 23 (PTI) The Maharashtra government has allowed its departments to open accounts and invest surplus funds in eight private banks along with the Maharashtra State Cooperative Bank.

The state finance department issued a government resolution to this effect on Wednesday.

Also Read | Uttarakhand Tunnel Rescue Operation Update: Setback at Silkyara Tunnel, Drilling to Rescue Trapped Workers Put on Hold Again.

The eight private banks mentioned in the GR are HDFC Bank, ICICI Bank, Axis Bank, Kokat Mahindra Bank, IndusInd Bank, Yes Bank, Federal Bank and Bandhan Bank.

All the notified banks have been selected on criteria that includes five consecutive years of net profit, net worth of more than Rs 16,000 crore, capital adequacy ratio of more than 12 per cent, as well as no restrictions by the Reserve Bank of India.

Also Read | Earnings From Gaming in India: Over 45% of Serious Gamers Earning Between 6 to 12 Lakh Per Annum in 2023, Says Report.

The state government's order asked all departments concerned to verify these criteria before selection of a bank.

If any bank loses its net worth or fails to meet any other criteria in future, the onus of communicating such a change to the state government will lie with the management of the lender, the order asserted.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)