Karimnagar: NAFSCOB Chairman welcomes Banking Regulation Act

Karimnagar: Chairman of the National Federation of State Cooperative Banks limited (NAFSCOB), Konduru Ravinder Rao urged the Union government through Reserve Bank of India (RBI), not to sacrifice the spirit and principles of the cooperative movement which was serving the rural economy since over a century in the country. He attended the two-day national review meeting and national conclave of rural cooperative banks at the Bankers Institute of Rural Development (BIRD) held in Lucknow of Uttar Pradesh on Thursday.

Speaking on the occasion, Ravinder Rao welcomed the Banking Regulation Act, which brought the cooperative banks under the regulatory framework of the RBI to protect the depositors.

He said that the government should protect the principles of the cooperative banks and urged the government to relook and set up a committee and take adequate measures to preserve the cooperative movement.

NABARD Chairman GR Chintala called upon all the State cooperative banks of the country to emulate the Telangana model in general and the Karimnagar model in particular, for the successful functioning and strengthening of the PACS.

Chairpersons and managing directors of all the State cooperative banks attended the two-day national review meeting along with others.