PM urged to solve cooperative banks' problem

New Delhi, Oct 20 (UNI) A delegation of national level cooperative leaders and Congressmen, including AICC Treasurer Moti Lal Vora, AICC General Secretary Digvijay Singh, today met Prime Minister Manmohan Singh here and submitted to him a memorandum detailing the hardships being faced by cooperative banks.

The delegation highlighted the problems being faced by the cooperative banks on account of certain decisions taken by the Government.

The delegation called for restortion of the benefits enjoyed by the cooperative banks for over 40 years.They pleaded that cooperative banks were in no way at par with the commercial banks and that the benefits of section 80 (P)(2)of the Income Tax to cooperative banks must be restored.

The delegation stressd the need for resolving the situation created by the Government not to provide subvention to cooperative banks on the lines of the facilities provided to the cooperative banks.

The Congress leaders requested the Prime Minister to expedite release of the entire recapitalisation amounts to the banks by the Government as per the calculation of the Vaidyanathan Committee.

The delegation included Mr Ahmad Patel, Political Secretary to Congress President Sonia Gandhi, Dr S S Sisodia, President of National Cooperative Union of India and Mr B Vijaya Kumar, President of National Federation of Urban Cooperative Banks and Credit Societies.

UNI YS Mir BD1958