Poll winners
Yavatmal: The cooperative sector of Yavatmal district has undergone a significant political shift, with the Mahayuti alliance ending the 26-year-long dominance of Congress at Yavatmal District Central Cooperative (YDCC) Bank, popularly known as the farmers’ bank. Deshmukh also announced that he would meet Union Cooperation minister Amit Shah to seek a special financial package for the bank. You Can Also Check: Gold Rate in Nagpur | Silver Rate in Nagpur | Bank Holidays in Nagpur | Public Holidays in Nagpur | Petrol Price in Nagpur | Diesel Price in Nagpur | CNG Price in Nagpur | LPG Price in Nagpur Stay updated with the latest Nagpur news.
Speaking after his election, Deshmukh acknowledged the difficult financial situation facing the bank. He expressed confidence that the new management would take steps to provide relief to farmers. Download the TOI App.
Shiv Sena (Eknath Shinde) MP Sanjay Deshmukh has been elected unopposed as the bank’s chairperson, while BJP’s Nitin Bhutada and NCP (Ajit Pawar) functionary Vijay Jadhav are the new vice-chairpersons. The elections were ratified at a meeting held on Monday.
Out of the 25-member board of directors, the panel won 16 posts, while the opposition Maha Vikas Aghadi (MVA) managed to win nine seats. The bank is reportedly grappling with a non-performing asset (NPA) of 54%. The outstanding bad loans are estimated at around Rs 550 crore.
The Mahayuti-backed Baliraja Sahakar Panel secured a decisive victory in the bank’s recent elections. The three constituent parties of the Mahayuti alliance were accommodated in the leadership structure in accordance with the power-sharing formula. The new board faces a formidable task of restoring the bank’s financial health and rebuilding its lending capacity. The district bank has traditionally been a major source of agricultural credit, supporting farmers across the district through crop loans and other financial assistance, particularly during the farming seasons. The bank’s financial difficulties have affected its ability to extend timely credit to farmers. With the district facing drought and agricultural distress, the management will be under pressure to ensure that farmers receive the financial support they urgently need.