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The employees’ union of the National Bank for Agriculture and Rural Development (Nabard) has opposed the Nachiket Mor Committee proposal to convert the apex agriculture and cooperative bank into a ‘commercial entity’.
These recommendations question the basic mandate of Nabard to serve farmers and rural people, said Jose T. Abraham, President, All-India Nabard Employees Association.
CONTENTIOUS PROPOSALS The Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households, headed by Mor, has also put forward other contentious proposals.
It has recommended removal of the supervisory and regulatory role of Nabard with regard to regional rural banks and cooperatives, said Abraham.
This makes for a complete makeover of the traditional business profile of Nabard, Abraham said. The Committee has taken exception to the fact that access to various refinance schemes is restricted by institution type rather than activity.
This, in its view, violates the ‘neutrality principle’ as far as non-banking financing companies are concerned.
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