RBI decision politically motivated: NCP

The decision of the Reserve Bank of India to dissolve the board of directors of the Maharashtra State Co-operative Bank (MSCB) was a politically motivated move, Nationalist Congress Party leader Ajit Pawar said.

The decision is said to have come as a rude shock to the Maharashtra finance minister and deputy chief minister, who was also one of the directors of the MSCB that had incurred massive losses and arrears of more than Rs 800 crore.

The MSCB has been panned as being run as ?remote-controlled? operation by the NCP, which had also supplied the chairman to the embattled organisation Manikrao Patil.

?RBI is a national organisation. There was no need to take a sudden decision. The decision seems to have been taken at the political level in Delhi. If the CM had known about it, it is usually discussed with other partners. But nothing of the sort happened. Even a notice was not issued to the MSCB,? said Pawar.

The move seems to have spurred an ugly fight between NCP and the Congress, but Maharashtra Chief Minister Prithviraj Chavan dismissed the charges by his allies saying that the decision had come from the RBI and should not be read politically.