Every move from the State to pressurise these banks to shell out their surplus would be opposed, the former minister said here today referring to a meeting convened by Chief Minister Manohar Joshi in Mumbai to discuss the possibilities of availing itself of the surpluses with the cooperative banks which currently are laying unused.

``The State should fulfill its statutory commitment to provide Rs 3,500 crore for the Maharashtra Krishna Valley Development Corporation (MKVDC), before asking the banks in cooperative sector to divert their surpluses,'' Khanvilkar said.

Using the surplus funds with the cooperative banks has been a way out being contemplated at various levels to overcome the current financial crisis faced by the State Government.

The Shiv Sena-BJP Government haspushed once the industrially developed Maharashtra to the brinks of bankruptcy, Khanvilkar charged stating that the government's own estimates have quoted the fiscal deficit for 1998-99 to be at Rs 5221.10 crore.

Maharashtra would be facing debts to the tune of Rs 25,000 crore by end of next year. This has been indicated time and again by both the chief minister and finance minister, he said.

The State Government has invested about Rs 1,000 crore in the MKVDC projects despite its statutory commitment for Rs 3,500 crore, Khanvilkar pointed out lambasting at the saffron alliance's ``anti-peasants'' policies.