Financial Daily from THE HINDU group of publications
Tuesday, May 25, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 25, 2004 |
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Money & Banking
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Co-operatives AP Minister's assurance to Prudential depositors Our Bureau
Hyderabad , May 24 THE new State Minister for Cooperation, Mr Kanna Laxminarayana, has assured top priority to the woes of the depositors of the crisis-ridden Prudential Co-operative Bank at his meeting with the Chief Secretary, Secretary and Registrar of Cooperatives Societies on Tuesday. The bank's Depositors Association, which met the minister on Monday, urged him to help the large number of financially affected depositors, which has become non-functional for the past 14 months. The association also called on the Secretary Marketing and Employment, the State Secretary of the CPI (M), Mr B.V. Raghavulu, who said he would take up their cause with the Chief Minister soon. In a letter to the Minister for Cooperation, the association urged the Government to extend Rs 200 crore support in the form of long-term loan against the receivable of the bank. It has also submitted a detailed memorandum to the Chief Minister, the Minister for Cooperation and the Executive Director, RBI appealing that steps be taken to revive the 83-year old Bank and financially help the depositors.
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