Dharna to press repeal amendment on IT Act

Chennai, Feb 14: Members of the All India Cooperative Bank Employees Federation will stage a dharna in Delhi on February 19, to urge the Centre to repeal the amendment effected on section 80 p of the Income Tax Act for enabling the cooperative banks to continue enjoy tax exemptions.

In a statement here today, Federation general secretary P Balakrishnan said, over 2,500 cooperative bank employees would take part in the dharna demanding increasing of concessional finance from NABARD from 40 to 80 per cent of the disbursements.

The Centre should also appoint an expert committee to make recommendations for proper functioning and progress of the urban cooperative banks to arrive at new norms for determination of non-performing assets.

The Centre should release Rs 4,839 crore to Agriculture and Rural Development (ARD) Banks all over the country. Prof A Vaidyanathan led Committee had estimated the amount as losses suffered by these banks, he added.

Pending a decision on the recommendations of the Committee, the Government should pay the amount to the banks to overcome the losses, he added.

UNI