Financial Daily from THE HINDU group of publications
Tuesday, Jul 26, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 26, 2005 |
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Money & Banking
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Co-operatives TN Co-operative bank employees want Act replaced Our Bureau
Coimbatore , July 24 THE Tamil Nadu Co-operative Bank Employees Association is seeking a replacement in the existing Co-operative Societies Act and Rules. It has, among other demands, requested the State Government to bring about a `model' Co-operative Societies Act to replace the existing one. Speaking to presspersons, the General Secretary of the Tamil Nadu Co-operative Bank Employees Association, Mr P. Balakrishnan, said the association has appealed to the State to implement the recommendations of the Task Force (constituted by the Central Government under the Chairmanship of Prof. A. Vaidyanathan) for revitalising and regenerating the Agricultural and Rural Co-operative Banks. The Task Force has recommended granting of Rs 15,000 crore to the Primary Agricultural Co-operative Societies, Central Co-operative Banks and State Co-operative Banks to compensate the losses suffered by them over the years due to waiver of interest and penal interest by the Central and State co-operative banks. It also suggested that the Governments entrust the controlling power of these banks to the Reserve Bank of India and sign an agreement to this effect. Mr Balakrishnan said the State should, apart from implementing the Task Force suggestions, recruit sufficient number of employees immediately to fill up all the vacancies and desist from arresting innocent employees in the co-operative banks for no fault of theirs. The irregularities in sanctioning of loans, he alleged were committed by the management and others. To protest the arrest of 30-odd employees, the association has given a strike call to its members. They have proposed a one-day strike on August 18.
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