Punjab to implement revival package for cooperatives
The Punjab government has signed an MoU with the Union government and NABARD to implement the revival package for short-term cooperatives in the state.
By PTI |
CHANDIGARH: The Punjab government has signed an MoU with the Union government and NABARD to implement the revival package for short-term cooperatives in the state, based on the recommendations of the Vaidyanathan Committee.
The revival package was aimed at reviving short term rural cooperative credit structure in Punjab, NABARD (Punjab and Haryana) Chief General Manager V Ramakrishna Rao said in a release.
"Under the package, Government of India will provide financial assistance for cleansing of balance sheets of all tiers of the short term cooperative credit structure and strengthening their capital base."
The package also seeks to introduce legal and institutional reforms necessary for making the cooperative credit institutions democratic, self-reliant and functionally autonomous, Rao said.
Other components of the package include computerisation, capacity building of staff and strengthening Management Information Systems in these institutions and NABARD would work in coordination with the state government for implementation of the revival package, he said.
The revival package was aimed at reviving short term rural cooperative credit structure in Punjab, NABARD (Punjab and Haryana) Chief General Manager V Ramakrishna Rao said in a release.
"Under the package, Government of India will provide financial assistance for cleansing of balance sheets of all tiers of the short term cooperative credit structure and strengthening their capital base."
The package also seeks to introduce legal and institutional reforms necessary for making the cooperative credit institutions democratic, self-reliant and functionally autonomous, Rao said.
Other components of the package include computerisation, capacity building of staff and strengthening Management Information Systems in these institutions and NABARD would work in coordination with the state government for implementation of the revival package, he said.
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