RBI approves reforms in primary co-ops

........In States where the central/ state cooperative banks are fully computerised and on core banking systems, Primary cooperatives will function as their business correspondents.  A circular from the head office of National Bank for Agriculture and Rural Development (Nabard) unveiled the reforms to state and central cooperative banks. Jose T. Abraham, President, All-India Nabard Employees Association, said this would mean the death knell for an estimated 93,000 primary cooperatives in the country. Rather than help financial inclusion, the new reform would only drive poor farmers and rural people to local moneylenders for meeting their credit needs, he added. The employees association would resist implementation of these reforms with all strength at its disposal..............

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