The Hindu Business Line : ‘AP must change laws on co-ops’

Visakhapatnam, July 15 The laws governing co-operatives in Andhra Pradesh are retrogressive and the State Government and the Centre seem bent on stifling the movement rather than encouraging it, said Mr M. Anjaneyulu, Chairman of the Visakhapatnam Urban Co-operative Bank and President of the AP Urban Co-operative Banks’ Association.

He was speaking at a function after inauguration of the eighteenth branch in the State of Citizen Co-operative Society, a multi-State co-operative based in Hyderabad.

Mr Anjaneyulu alleged that Finance Minister Mr P. Chidambaram, in particular, seemed to be in favour of corporates and antagonistic to co-operatives.

“Disregarding our repeated pleas, he made it mandatory for co-operative banks to deduct income-tax at source on deposits. Many banks have been badly hit. Such policies will hit the common man and the middle classes.”

He also said that the State Government had always sought to exercise control over co-operative banks without understanding the problems faced by them.

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‘AP must change laws on co-ops’