The Hindu Business Line : Maharashtra to get Rs 2,000 cr to revitalise co-operatives

With the signing of the memorandum of understanding between the State Government, Nabard and the Union Government, Maharashtrawould receive funding of Rs 2,000 crore for the revitalisation of the co-operatives in the State.

Talking to presspersons, Dr Patangrao Kadam, State Co-operative and Rehabilitation Minister, said this would help in the revitalisation of the 22,000 co-operative structures, which included 31 district central co-operative banks.

This has been carried out based on the recommendations of the Vaidyanathan Committee. Maharashtra joins in as the third signatory after Andhra Pradesh and Madhya Pradesh.

It may be noted that Maharashtra has about one-fourth of the total co-operative structures in the country.

Mr Y. S. P. Thorat, Chairman, Nabard, said a special audit, which includes the 22,000 primary agricultural credit societies (PACS), 31district co-operative banks (DCCBs) and the Maharashtra State Co-operative Bank (MSCB) would be taken up to determine the losses, next week.

He said about 12,000 PACS and 16 DCCBs are running in losses. The Union Government would contribute about 58 per cent of the funds for the revitalisation, the State Government about 22 per cent and the remaining would have to be borne by the respective societies or banks, he noted. Dr Kadam said the State Government is expected to shortly accept the long-term revitalisation package as per the committee recommendations.

Dr Kadam said the Vaidyanathan Committee, which had proposed a revival package to the tune of Rs 13,000 crore for the revitalisation of the short-term rural co-operative credit institution has now also finalised the second report. However, he noted that the package has to be approved by the Centre after which the reforms would be rolled out. This would cover the reforms in laws, management and governance in these institutes, he added.

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