Centre's largesse to UP for cooperatives' revival

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Lucknow, Apr 3 (UNI) National Agricultural Bank for Agriculture and Rural Development (NABARD) today handed over the first instalment of Rs 340.85 crore as a central package to Uttar Pradesh government for the revival of cooperative societies and banks in the state as per the recommendation of the Vaidnathan Committee report.

NABARD, UP, Chief General Manager Sukhbir Singh handed over the cheque under Recapitalisation Assistance to state cooperative minister Swami Prasad Maurya here.

Addressing the media after the function, Mr Maurya blamed the erstwhile Mulayam Singh Yadav government for the 'dismal' condition of the cooperatives in the state.

''The previous ministers and their family misused these cooperative banks and societies for their own vested interests,'' he charged, claiming that over 100 FIRs had been lodged in connection with the misutilisation of cooperative funds during the SP regime.

He said the Centre had sanctioned Rs 454.46 crore as financial package to UP for restructuring 3,710 Primary Agriculture Credit Societies (PACS), which had recovered 50 per cent of their loan amount in the first phase, while the share of the state government would be 44.12 crore.

''The Centre has given 75 per cent of the financial assistance which is Rs 340.85 crore as THE first instalment today,'' the minister informed.

Mr Maurya said the financial condition of the cooperative banks and societies are in a poor shape. The state government had sought financial assistance for 4,139 PACS, whose audit had been cleared by NABARD for Rs 825 crore of which the Centre's share would be Rs 551.03 crore and the share of UP would be 54.66 crore, while the rest Rs 219.31 crore be borne by the societies themselves.

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