Final package on reviving long term rural credit by March 15

New Delhi, Jan 29 (UNI) Avowing that the government will make all out efforts to strengthen rural cooperative credit, Finance Minister P Chidambaram today said the final package for the long term rural cooperative credit will be ready by March 15.

Speaking to newspersons here after a meeting of State Ministers and State Secretaries, Mr Chidambaram said a package of Rs 4,850 crores been worked out as the central assistance to the cooperative sector.

The Finance Minister said all rural credit institutions were in a bad shape adding that this will be the last chance for the revival of the state cooperative sectors.

He said there was consensus on 95 per cent of the package and rest of the 5 per cent will be taken of through consultations with the States. In this regard he said the issue will be sorted out after a meeting with select State governments.

Mr Chidambaram said some State governments wanted the Centre to share larger burden. He said he will consider this suggestion.

After the acceptance of Vaidayanathan Committee Report on short term credit (Report one), the State governments were likely to accpet the second report of the Committee relating to long-term credit, the Finance Minister added.

The proposed central package was circulated to the state governments to ascertain their views.

After knowing the views of the State government there could be minor tinkering with the package, Mr Chidambaram said.

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