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Sign MoU with Centre, says Chidambaram

Special Correspondent

TIRUVANNAMALAI: Union Finance Minister P. Chidambaram has called upon all State governments to sign the Memorandum of Understanding (MoU) with the Central Government, as agreed to by the Finance Ministers, on the steps to be taken to revitalise sick cooperative banks. The MoU should also be on the manner of utilisation of the Rs.14,000-crore package announced by the Centre for the recapitalisation of the sick banks.

Inaugurating the fourth conference of the Tamil Nadu Cooperative Bank Employees' Association, affiliated to the All-India Cooperative Bank Employees' Federation and the All-India Bank Employees' Association here on Sunday, Mr. Chidambaram said that the package was decided upon at the Empowered Committee of State Finance Ministers convened by him in pursuance of the objective of facilitating the revitalisation of the sick banks. So far, only seven States — Andhra Pradesh, Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Orissa and Sikkim — have agreed to sign the MoU with the Central Government.

Referring to the plea of Tamil Nadu Food Minister E.V. Velu to the Central Government to bear the entire burden of recapitalisation of the sick banks, Mr. Chidambaram said that the Central and State governments should jointly shoulder the burden.

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