Bengal coop banks need Rs450 cr for revival:NABARD

Kolkata, Jul 25 (UNI) In a bid to revive the cooperative of the state, Bengal would need at least Rs 420 to Rs 450 crore revival package, NABARD Chief General Manager P Mohanaiahah said here today.

Speaking to mediapersons here today, Mr Mohanaiahah said the Centre appointed auditors, who would submit their report on revival of the ailing cooperative banks of the country, in line with the recommendations of the Vaidyanathan Committee.

The report by the auditors would focus on recapitalisation, internal control, technology issues and cooperative reforms, he added.

The performance of agricultural credit cooperatives which mostly cater to the credit requirements of vulnerable segments of society had not been satisfactory.

In order to redress this problem, following the report of the Vaidyanathan Committee, a Rs.13,596 crore revival package for the cooperatives was formulated and is being implemented under the aegis of NABARD.

Once implemented, the reforms are expected to transform the cooperatives into self reliant, democratically run, professionally managed and financially vibrant institutions.

UNI