The Hindu Business Line : Financial package for co-ops soon

THE Union Cabinet approval for the Rs 15,000-crore financial package for co-operative credit structure revamp is likely to be obtained latest by October 31, the Union Finance Minister, Mr P. Chidambaram, said on Tuesday.

While the Centre is likely to contribute about Rs 8,000 crore towards the financial package, the remaining amount would have to come from the States and co-operatives.

"The Centre would no doubt share its burden, but States and co-operatives will have to bear small burden", he said.

The Vaidyanathan Panel had suggested that the financial package must be shared in the proportion of 53: 31: 16 by the Centre, States and the co-operatives respectively.

"The 16 per cent share of co-operatives is a problem. Co-operatives have to foot a small portion of the Bill," Mr Chidambaram said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
AP fishermen's concern over threat to livelihood

Garlic imports from China stopped on fungal infection

Phenomenal rise

Onion exports down to a trickle on higher domestic prices

Rubber prices rule steady

Centre announces Rs 525-cr package for coop sugar units

Kothari Sugars settles dues to lenders

Financial package for co-ops soon

Campco refutes allegations of irregularities

Chidambaram expects farm output to rise