Date:08/12/2008 URL: http://www.thehindu.com/2008/12/08/stories/2008120854350400.htm

Tamil Nadu - Chennai

Recapitalisation assistance sought

CHENNAI: The Tamil Nadu Cooperative Bank Employees’ Association has urged the State government to implement, at the earliest, the recommendations of the A. Vaidyanathan task force to give Rs.1,250 crore in recapitalisation assistance to the loss-making short-term agricultural cooperative banks.

As the government has entered into a memorandum of understanding with the NABARD for implementing the Model Cooperative Act, it should hold elections to the cooperative institutions immediately, it said. The association also urged the Centre to restore income tax exemption for cooperative banks.

To press these demands, employees affiliated to the association will stage a dharna in front of the Memorial Hall here on Monday. – Special Correspondent