MSC Financial institution revises pledge mortgage quantity for sugar mills The financial institution has additionally revised conversion value of sugar from Rs 250 per quintal to Rs 200 per quintal and short-term mortgage recoveries from Rs 200 per quintal to Rs 250 per quintal for sugarmills.Maharashtra State Cooperative (MSC) Financial institution –the nodal bodyforall cooperative banks within the state, has revised mortgage quantities given to sugar mills on the pledged sugar shares from 90% to 85%. The financial institution has additionally revised conversion value of sugar from Rs 250 per quintal to Rs 200 per quintal and short-term mortgage recoveries from Rs 200 per quintal to Rs 250 per quintal for sugarmills.Jaiprakash Dandegaonkar, chairman, Maharashtra State Cooperative Sugar Factories Federation (MSCSFF)has writtento the financial institution urging reconsideration.Vidyadhar Anaskar, chairman of the board of directors, MSC Financial institution,mentioned:“Sugar mills within the state have been in monetarymisery final 12 months because of drought and flood situations. The state Cupboard had come ahead urging the financial institution toenhance the pledge mortgage quantity, and due to this fact, the financial institution revised the mortgage quantity from typical 85% to 90% of thepledged shares.” “In the course of the earlier season, sugar costs have been fluctuating on account of which the financial institution was compelled to revise sugar valuations once in a while.”“Because the Centre has mounted the minimal assist worth (MSP) of sugar at Rs 3,100 per quintal, costs are secure.The financial institution has, due to this fact, determined to revive the pledge mortgage quantities to 85%,”Anaskar mentioned.Sanjay Khatal, MD, MSCSFF, mentioned sugar gross sales are low due to a excessive stock, and a bumper crop is anticipated this season. Millers shall be unable to pay the honest and remunerative worth (FRP) to farmers which has been hiked by the Centre,he mentioned.In keeping with millers, if the pledge mortgage quantities to 85% of the entire shares,cooperative banks will present millersRs 2,635 per quintal because the mortgage quantity. The utmost quantity out there to mills for FRP fee will then beround Rs 1,700 perquintal.Get stay Inventory Costs from BSE, NSE, US Market and newest NAV, portfolio of Mutual Funds, calculate your tax by Revenue Tax Calculator, know market’s High Gainers, High Losers & Finest Fairness Funds. Like us on Fb and comply with us on Twitter.Monetary Specific is now on Telegram. Click on right here to hitch our channel and keep up to date with the newest Biz information and updates. By bhagat|2020-11-21T09:03:00+05:30November 21st, 2020|Categories: Latest News|Tags: loans for sugar mills, msc bank, mscsff, msp of sugar, sugar mills|0 CommentsShare This Story, Choose Your Platform!FacebookTwitterRedditWhatsAppTumblrXingEmail Related Posts Sure Financial institution goals to double total retail property and liabilities by 2023: Rajan Pental, International Head — Retail Banking, Sure Financial institution Gallery RBI’s choices slim as inflation & inflows each rise Gallery Excessive inflation guidelines out charge easing Gallery IPO to fund development and repay some debt: Burger King Gallery Will not launch vaccine for mass use, until vaccine is proved immunogenic and protected: SII Gallery Leave A Comment Cancel replyYou must be logged in to post a comment.