NABARD to oppose any amendment to Co-operatives Act

NABARD to oppose any amendment to Co-operatives Act

Kolkata: Refinance institution NABARD on Wednesday said it would oppose any amendment to West Bengal Cooperative Societies Act of, 2006 as suggested recently by state chief minister Mamata Banerjee.

“If the proposed amendment went against the spirit of the MoU signed among the Centre, state government and NABARD, then we will oppose it", Padmanabhan told reporters here. Banerjee had said that co-operative banks would not be allowed to attach properties of farmers for loan recovery in cases of default.

The government decision was also strongly criticised the West Bengal State Cooperative Bank and others.

On NABARD’s performance in West Bengal during the last year, he said loans provided to state government and financial institutions grew by 24.22% in 2011-12 to 2,784 crore. To a query, he said the proposed state highways authority could also avail of Rural Infrastructure Development Fund (RIDF) assistance for construction in rural areas. Disbursement during the current financial year would be 15 per cent to 20 per cent higher (compared to previous fiscal), he said.