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Centre to pump 2,400 for bolstering cooperatives in UP

Written by: Staff
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Jaunpur, Apr 20 (UNI) The Centre will pump in Rs 2,400 crore for streamlining the cooperative movement in Uttar Pradesh, in pursuance of the Prof A Vaidyanathan Committee recommendations.

UP Minister of State for Cooperatives Shardanand Anchal told newspersons here today that the Centre will pump Rs 2,400 crore for bolstering the cooperative movement in the state. This has been possible only after UP became first state in the country to implement recommendations of Prof A Vaidyanathan Committee on Cooperative Sector reforms, he added.

A matching grant of 20 per cent will be provided by the UP government in line with the Committee recommendations, Mr Anchal said.

On the overall cooperatives scene in the state, the minister said the cooperative banks in ten East UP districts were in turgid state and a sum of Rs 2.5 crore has been provided to bail out each of these banks. A sum of Rs one crore has also been earmarked for each of other 17 cooperative banks in the same region, Mr Anchal added.

Mr Anchal further informed that funds worth Rs 40 crore have also been forked out for reviving the closed cooperative bank in Gonda district of East UP and provision of salaries to the secretaries of other cooperative sector banks.

The minister expressed satisfaction over recoveries of the cooperative sector banks saying that a 24 per cent growth has been registered in realisations by these banks this year over the corresponding period last year.

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