...........Mr Vijayan alleged that certain quarters at the Centre wished to bring the co-operative sector under their control. The constitutional amendment and amendment of the Banking Act were made with this intention, he alleged.He alleged that the Centre was trying to control the co-operative banks with the help of RBI rules, sidelining the fact that the co-operative banks were formed through a legislation passed by the State Legislature........
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Ironically for Vijayan, the day after the publication of this item, the Budget announced Rs.50000cr for short term cooperative credit for the first time. The Union Government recognized the existence of Cooperative Credit structure. The whole burden of Vijayan's song is misplaced as during the last six decades, the short term credit structure suffered from misgovernance and mismanagement and the CPI did nothing except raising slogans. The Constitutional Amendment Act 2012 targeted only bettering the governance and management system so that the farmers would be enabled to decide for themselves what they want, when they want and how they want and yet disclose all that so that all the members would know and participate in the organizational concerns.
But the Act would be rubble if the GoI does not invest in technology right from PACS to the Apex institution at the State level and also integrate the rural and urban cooperative banks through networking and falling in line with payment and settlement systems of the RBI. Discipline in lending is as much the need in cooperatives as that of borrowing and investing.
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