Maharashtra Cabinet Endorses Local Bank for Salary Accounts

The Maharashtra cabinet has approved the opening of salary and pension accounts for state employees in Thane Janata Sahakari Bank (TJSB). This decision follows a similar move with another cooperative bank linked to a BJP MLC. TJSB is RBI-compliant and has branches across multiple states.

The Maharashtra government has taken a significant step by approving the opening of state employees' salary accounts in Thane Janata Sahakari Bank (TJSB). This decision comes just weeks after permitting a different cooperative bank, led by a BJP MLC, to manage salary disbursal.

In a move aimed at benefiting state public undertakings, the government has also sanctioned the investment of excess funds in TJSB. According to a statement released following the Chief Minister Devendra Fadnavis-led cabinet meeting, the TJSB meets all norms set by the Reserve Bank of India.

Last month, the state cleared the opening of accounts at Mumbai District Central Cooperative Bank, overseen by BJP MLC Pravin Darekar, a close aide to the CM. Established in 1972, TJSB also operates branches in Gujarat, Karnataka, Madhya Pradesh, and Goa.