Kerala - Kannur   

NABARD rules hit cooperative sector: Pinarayi

Staff Reporter

KANNUR: Communist Party of India (Marxist) State secretary Pinarayi Vijayan has said that many regulations of the National Agricultural and Rural Development Bank (NABARD) have become obstacles to the functioning of the cooperative credit sector in the State.

Inaugurating a block of A.K.G. Memorial Cooperative Hospital and laying the foundation stone for its silver-jubilee building here on Tuesday, Mr. Vijayan said many rules and procedures set by NABARD for advances by the State cooperative bank and district cooperative banks were hostile to the interests of the State. Such restrictions were harmful to the survival of cooperative banks when private banks were relaxing terms and conditions for advances, he added.

Observing that the cooperative movement in the State had developed owing to the commitment and dedication of cooperators and cooperative institutions, Mr. Vijayan said it had survived despite the obstacles put by Governmental agencies that were supposed to help it. The cooperative movement in the State was in a unique position of having adequate funds at its disposal, but the money was not being utilised effectively.

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