AndhraNews.Net - Task Force for reviving Rural Cooperative Banking Institutions constituted

New Delhi: August 9, 2004

In pursuance of the announcement by the Finance Minister, Government has appointed a Task Force to prepare an action plan for reviving Rural Cooperative Banking Institutions. It will also suggest appropriate regulatory framework and will submit its report by October 31, 2004.

The terms of reference of the Task Force would be: (i) to recommend an implementable action plan for reviving the Rural Cooperative Banking Institutions, taking into consideration, interalia, the main recommendations made by various committees in this regard (ii) to suggest an appropriate regulatory framework and the amendments which may be necessary for the purpose in the relevant laws (iii) to make an assessment of the financial assistance that the Cooperative Banking Institutions will require for revival, the mode of such assistance, it sharing pattern and phasing and (iv) to suggest any other measures required for improving the efficiency and viability of Rural Cooperative Institutions.

The Chairman of the Task Force is Prof. A. Vaidyanathan, Madras Institute of Development Studies, Chennai. Its Members are Shri Rama Reddy, President Sahavikasa Cooperative Development Foundation, Hyderabad, Prof. M.S. Sriram, Indian Institute of Management, Ahmedabad, Representative of Department of Agriculture and Cooperation and Representatives of Government of Orissa, Government of Uttar Pradesh, Government of Maharashtra. While Dr. Y.S.P. Thorat, MD, NABARD is the Member Secretary, Shri A.V. Sardesai, Executive Director, RBI, Mumbai and the Legal Officer, Reserve Bank of India, Mumbai are the permanent invitees of the Task Force.

Press Release: PIB

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