......However, there was no positive response from the Planning Commission, sources said, adding “what to talk of giving any financial assistance the Planning Commission even didn’t give any assurance to help the State in clearing the liabilities”. Stating that State has been caught in a peculiar situation following denial of any relief by the Planning Commission, sources said, “now the Cooperative Department has been left with no other option but to place a proposal before the State Cabinet for sanctioning of at least Rs 100 crore in order to liquidate part of liabilities and meet the condition set by the Reserve Bank of India (RBI)”. Disclosing that RBI has set a deadline of July 15 for liquidation of Rs 100 crore liabilities by the three ailing Cooperative Banks, sources said, “if the Government meets this condition of RBI the latter will consider extension in the time-frame for obtaining license to work as banks”............
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