Co-op Banks revival: CM writes to Center

Most of the non-licensed cooperative banks in UP have been on the ropes. The UP chief minister Akhilesh Yadav has called upon the central govt to give these banks at least Rs. 758 crore to tide them over until they have overcome their present financial difficulties.

Mr Yadav has just sent an urgent letter to the Centre.  Mr. Yadav’s letter has pointedly said the central govt should immediately implement the Vaidyanathan Committee’s recommendations.

In fact, as the Indian Express reports, Mr Yadav has written series of letters to Union Finance Minister Arun Jaitley for revival of non-licensed Cooperative banks and funds for laying and renovation of national highways running across the state.

In another letter, Yadav said the Union Government should release over Rs 758 crore for revival of 16 non-licensed co-operative banks as proposed by the Prof A Vaidyanathan Committee.“The Government on its own had tried to revive these banks and had allocated Rs 565 crore in the Budget of 2014-15. But the state should get as per the revival package proposed by the Vaidyanathan Committee,” he said.