top of page

By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

The Unequal Cousins

Raj Thackeray’s ‘sacrifice’ saved Shiv Sena (UBT) but sank the MNS Mumbai: In the volatile theatre of Maharashtra politics, the long-awaited reunion of the Thackeray cousins on the campaign trail was supposed to be the masterstroke that reclaimed Mumbai. The results of the Brihanmumbai Municipal Corporation (BMC) elections, however, tell a story of tragic asymmetry. While the alliance has successfully helped the Shiv Sena (UBT) stem the saffron tide and regain lost ground, it has left Raj...

The Unequal Cousins

Raj Thackeray’s ‘sacrifice’ saved Shiv Sena (UBT) but sank the MNS Mumbai: In the volatile theatre of Maharashtra politics, the long-awaited reunion of the Thackeray cousins on the campaign trail was supposed to be the masterstroke that reclaimed Mumbai. The results of the Brihanmumbai Municipal Corporation (BMC) elections, however, tell a story of tragic asymmetry. While the alliance has successfully helped the Shiv Sena (UBT) stem the saffron tide and regain lost ground, it has left Raj Thackeray’s Maharashtra Navnirman Sena (MNS) staring at an existential crisis. The final tally reveals a brutal reality for the MNS - Raj Thackeray played the role of the savior for his cousin, but in the process, he may have become the sole loser of the 2026 mandate. The worse part is that the Shiv Sena (UBT) is reluctant to accept this and is blaming Raj for the poor performance of his party leading to the defeat. A granular analysis of the ward-wise voting patterns exposes the fundamental flaw in this tactical alliance. The vote transfer, the holy grail of any coalition, operated strictly on a one-way street. Data suggests that the traditional MNS voter—often young, aggressive, and driven by regional pride—heeded Raj Thackeray’s call and transferred their votes to Shiv Sena (UBT) candidates in wards where the MNS did not contest. This consolidation was critical in helping the UBT hold its fortresses against the BJP's "Infra Man" juggernaut. However, the favor was not returned. In seats allocated to the MNS, the traditional Shiv Sena (UBT) voter appeared hesitant to back the "Engine" (MNS symbol). Whether due to lingering historical bitterness or a lack of instructions from the local UBT leadership, the "Torch" (UBT symbol) voters did not gravitate toward Raj’s candidates. The result? The UBT survived, while the MNS candidates were left stranded. ‘Second Fiddle’ Perhaps the most poignant aspect of this election was the shift in the personal dynamic between the Thackeray brothers. Decades ago, they parted ways over a bitter dispute regarding who would control the party helm. Raj, refusing to work under Uddhav, formed the MNS to chart his own path. Yet, in 2026, the wheel seems to have come full circle. By agreeing to contest a considerably lower number of seats and focusing his energy on the broader alliance narrative, Raj Thackeray tacitly accepted the role of "second fiddle." It was a pragmatic gamble to save the "Thackeray" brand from total erasure by the BJP-Shinde combine. While the brand survived, it is Uddhav who holds the equity, while Raj has been left with the debt. Charisma as a Charity Throughout the campaign, Raj Thackeray’s rallies were, as always, electric. His fiery oratory and charismatic presence drew massive crowds, a sharp contrast to the more somber tone of the UBT leadership. Ironically, this charisma served as a force multiplier not for his own party, but for his cousin’s. Raj acted as the star campaigner who energised the anti-BJP vote bank. He successfully articulated the anger against the "Delhi-centric" politics he accuses the BJP of fostering. But when the dust settled, the seats were won by UBT candidates who rode the wave Raj helped create. The MNS chief provided the wind for the sails, but the ship that docked in the BMC was captained by Uddhav. ‘Marathi Asmita’ Stung by the results and the realisation of the unequal exchange, Raj Thackeray took to social media shortly after the counting concluded. In an emotive post, he avoided blaming the alliance partner but instead pivoted back to his ideological roots. Urging his followers to "stick to the issue of Marathi Manoos and Marathi Asmita (pride)," Raj signaled a retreat to the core identity politics that birthed the MNS. It was a somber appeal, stripped of the bravado of the campaign, hinting at a leader who knows he must now rebuild from the rubble. The 2026 BMC election will be remembered as the moment Raj Thackeray proved he could be a kingmaker, even if it meant crowning the rival he once despised. He provided the timely help that allowed the Shiv Sena (UBT) to live to fight another day. But in the ruthless arithmetic of democracy, where moral victories count for little, the MNS stands isolated—a party that gave everything to the alliance and received nothing in return. Ironically, there are people within the UBT who still don’t want to accept this and on the contrary blame Raj Thackeray for dismal performance of the MNS, which they argue, derailed the UBT arithmetic. They state that had the MNS performed any better, the results would have been much better for the UBT.

Broken Trust

Updated: Feb 18, 2025

Had he been alive, George Fernandes, the firebrand socialist who championed the working class would have been appalled. The New India Cooperative Bank, founded under Fernandes’ aegis in 1968 to serve the common worker, lies in ruins after its general manager, Hitesh Mehta, was arrested for allegedly siphoning off Rs.122 crore. It is a bitter irony that a bank born out of socialist ideals has met a spectacularly capitalist demise, consumed by greed, mismanagement and regulatory apathy.


The bank, originally conceived to serve the working class, is now in shambles as depositors have been left stranded. The Reserve Bank of India (RBI) has stepped in, freezing withdrawals, halting lending and superseding the bank’s board for a year. The bank’s downfall is symptomatic of a broader rot in India’s cooperative banking sector where misgovernance, political interference and financial malpractice are rife.


The RBI has imposed a moratorium, preventing depositors from withdrawing their hard-earned money beyond the insurance limit of Rs. 5 lakh. Predictably, panic has set in with large queues of customers clamouring for answers. That a bank with its roots in labour activism should leave its depositors in such a predicament is particularly galling. The money was not lost to bad loans or economic downturns but was simply stolen from the vaults.


How did a bank built to serve the underprivileged reach such a sorry state? The answer lies in a mix of poor governance and regulatory lethargy. The New India Cooperative Bank, which started as the Bombay Labour Cooperative Bank, was meant to offer financial services to those shunned by commercial lenders. Over the years, however, it suffered from chronic mismanagement. Its financials have been deteriorating for years. The RBI’s decision to finally step in only followed after depositors’ money had vanished.


Over the past two decades, multiple cooperative banks across the country have collapsed under the weight of corruption and reckless lending. The parallels to the infamous Punjab and Maharashtra Co-operative (PMC) Bank scandals are striking in terms of regulatory lapses and unchecked fraud. The cooperative banking model, once heralded as a means to democratize finance, has long been compromised. In Maharashtra alone, dozens of cooperative banks have collapsed in the past decade, often due to political meddling. Many of these institutions are controlled by local politicians.


The fall of the New India Cooperative Bank must serve as a wake-up call. The RBI needs to enforce stricter audits, enhance transparency requirements and ensure that politically connected individuals do not treat these banks as slush funds. At a time when financial inclusion is a stated priority, India can ill afford to have institutions meant for the common man crumble under the weight of corruption and negligence. Fernandes envisioned a bank that would empower workers and give them a financial foothold. Instead, what remains is yet another cautionary tale of mismanagement and betrayal. Unless urgent reforms are undertaken, similar collapses will follow, leaving ordinary depositors to pay the price for the greed of the few.

Comments

bottom of page