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SCDCC Bank opposes NABARD new rule
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Mangalore: South Canara District Central Cooperative Bank (SCDCC) has opposed the new rule of National Band for Agriculture and Rural Development (NABARD) of depriving co-operative societies in villages from advancing loans.
Addressing a meeting on Monday, August 12, M.N Rajendra Kumar, president of SCDCC Bank said “the new rule gives power to district banks in regards to agricultural credit and takes away the power from Co-op Societies which is not acceptable. The new rule will convert the co-operative societies into an agent of disbursing loans.”
SCDCC Bank has already appealed to the state government against implementing the new rule of NABARD in Karnataka and soon will be opposed at the state level meeting too.
The members of the committee has urged for the support from all the elected representatives to oppose the rule.
| Comments on this Article | |
| RAGESH K, CALICUT | Sun, September-1-2013, 1:58 |
Nabard’s circular stayed:Hon’ble High court of Kerala, on 16th August 2013, granted stay on the implementation of Nabard’s Circular dated 22.07.2013. Nabard had issued directions to transfer the share capital, loans and deposits held by PACS to DCBs and to convert the former as Business Correspondents of DCBs in line with recommendations of Prakash Bakshi report. Registrar had instructed the DCBs not to implement the advice of Nabard. WPC 20345/13 (Chevayur Karuvanthuruthi SCB’s)  Agree[0]
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