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Karnataka yet to agree on restructuring of cooperatives:NABARD

Written by: Staff
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Bangalore, Apr 8 (UNI) The National Bank for Agriculture and Rural Development (NABARD) today said that the Karnataka Government was yet to give its assent for the impelementation of the revitalisation package of cooperative banks on the basis of the Vaidyanathan committee recommendations.

NABARD's Chief General Manager, Karnataka, B B Mohanty told newsmen here that since September last year, the Bank had been pursuing with the Karnataka Government on implementation of the package which would enable the Cooperatives emerge a viable entity.

NABARD is the coordinating agency for the implementation of the package with the Centre doling out 70 per cent of the required funds with the State putting up the balance.

Only seven states in the country have so far agreed to implement the package. They included, Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Orissa and Bihar.

Implementation of the package would result in minimising government control on the cooperative banks with the State equity pegged at 25 per cent and only one nominee allowed to be in the board. The other features of the package included introduction of Human Relations, improving management of banks and providing greater autonomy to the cooperatives right upto the primary agricultural cooperatives which would be networked through computers.

He said NABARD would pursue with the State government for implementation of the package. He said the Bank was also awaiting the approval of the State government for implementing a restructuring package for sugar mills in the Cooperative sector.

UNI VK RM RKN1431

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