The Hindu Business Line : Long-term co-op credit: Nabard seeks views on report

THE National Bank for Agriculture and Rural Development (Nabard) has sought comments and suggestions of all the stakeholders on the report submitted by the Vaidyanathan Committee on long-term cooperative credit structure to the Union Finance Ministry recently.

In a press release here on Thursday, Nabard said the draft report of the Vaidyanathan Committee has been placed on the public domain on Web sites - www.finmin.nic.in, www.rbi.org.in and www.nabard.org.

Concerned with the deteriorating health of rural co-operative credit institutions, the Government had appointed a task force under the chairmanship of Prof A. Vaidyanathan in August 2004 to suggest an implementable action plan for its revival.

The committee had submitted its report on short-term co-operative credit structure during February last year. Based on the statement of consensus arrived in consultation with the State Governments, a revised package amounting to Rs 13,596 crore had been recommended.

The package has received the Central Cabinet approval recently. The process of implementation of the package is expected to take off shortly.

Consequent upon submission of report on short-term cooperatives, the Government had entrusted the work of suggesting an implementable action plan to revive the long-term cooperative credit structure also to the Vaidyanathan Committee.