Co-op credit: new bill likely

By Our Special Correspondent

TIRUCHI, OCT. 25. The Government would soon introduce a new bill in the Assembly simplifying and streamlining the existing Acts and Rules governing the sanctioning of credit by the co-operative institutions, said Mr. K.N. Nehru, Minister for Co-operation and Food, here today.

Inaugurating the Tiruchi branch of the Government Telecommunication Employees Co-operative credit society, he said the disbursement of loans to various sectors were at present governed by the Acts passed in 1961, amendment to the Act made in 1985 and the new rules passed in the year by the Assembly in 1988. The existing rules were complex, and the procedures prescribed rigid and cumbersome with the powers concentrated in the hands of the officials. The new Act would give more powers to the elected Board of Directors and also ensure maximum security to the depositors.

The committee constituted by the Government to suggest the new format for the Act, under the presidentship of Mr. C.T. Dandapani, would present the report to the Chief Minister soon, he added. Mr. M. Padmanabhan, president, Tamil Nadu Telecommunication employees society, said the Society with a membership of 28,000 spread over Tamil Nadu, Pondicherry, and parts of Karnataka and Andhra Pradesh and Kerala, had earned a profit of Rs. five crores last year, and was advancing loans to members, besides medical help, retirement benefits etc. He said the new branch, the third in the State would be catering to the employees in 16 districts.

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Section  : Southern States
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