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Our Bureau

Coimbatore, Aug. 22 The All India Co-operative Bank Employees’ Federation has repeated its demand for revamping co-operative banks in the country.

The General Secretary of the Tamil Nadu Co-operative Bank Employees Association, Mr P. Balakrishnan in a statement urged the State Government to accept Prof. A. Vaidhyanathan’s Task Force recommendation on Short Term Co-Operative Structure comprising State Cooperative Banks, District Central Cooperative Banks and Primary Agricultural Credit Societies.

‘This would enable the primary agricultural co-operative banks wipe out the credit loss. Both the Centre and the State could jointly provide about Rs 1,350 cr towards recapitalisation of these banks in the State.

Further, by entering into an MoU with NABARD, it could put an end to the dual control.”

The AICBEF has sought modifications to certain recommendations in the task force’s report on Long-term Co-Operative Structure comprising Cooperative Agriculture and Rural Development Banks, Primary Cooperative Agriculture and Rural Development Banks and stressed the need for immediate release of refinance support from NABARD.

The Federation has demanded the extension of crop loan to co-operative banks at an ultimate rate of 5 per cent.

“For this, NABARD should extend refinance up to 80 per cent of the ground-level outstanding instead of the present 40 per cent,” the statement said.

To reiterate these demands, the co-operative bank employees across the country have proposed to organise demonstrations on September 12.

It will be followed by a fast on September 19 by the representatives of the Federation in all State Capitals.

‘If the response is not positive, we will accelerate our plan of action,’ Mr. Balakrishnan said.

More Stories on : Co-operatives | Tamil Nadu

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