NABARD Directives Rejected by Kerala Government
4 August 2013
Thiruvananthapuram
The State government has rejected a directive of the National Bank for Agriculture and Rural Development (NABARD) to primary cooperative banks (PCBs) to stop accepting deposits and transfer their equity, loans, and deposits to district cooperative banks (DCBs) as recommended by the Prakash Bakshi Committee.
In a press note here on Saturday, the State Registrar of Cooperatives said instructions had been issued to all PCBs and DCBs not to comply with the NABARD circular of July 22 in this regard till they received instructions from the State government or the Registrar of Cooperatives.
Under the Kerala Cooperative Societies Act, no society registered under it could transfer to another its deposits or loans alone. The State government had also not signed any agreement with the Central government or the NABARD for inclusion of such a provision in the Kerala Cooperative Societies Act.
As such, the State Cooperation Minister had written to the Union Finance Minister in February this year pointing out that the Prakash Bakshi recommendations were not suited to Kerala context, the Registrar said.
Source– http://www.thehindu.com/news/national/kerala/kerala-rejects-nabard-fiat/article4986581.ece
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