Date:23/08/2007 URL: http://www.thehindu.com/2007/08/23/stories/2007082360560400.htm

Tamil Nadu - Chennai

Cooperative bank employees’ plea

Special Correspondent

CHENNAI: The Tamil Nadu Cooperative Bank Employees Federation has urged the State Government to accept the recommendations of Prof. A. Vaidyanathan’s Task Force on short-term agricultural cooperative banks.

The State should also enter into a memorandum of understanding with NABARD to help reduce losses and to revitalise the banks.

Federation general secretary P. Balakrishnan said the banks should transact under the guidance of the Reserve Bank of India/NABARD, thus ending the dual control on cooperative banks.

NABARD should immediately release necessary refinance support to agriculture and rural development banks by liberalising the stringent norms.