Cooperative banks and societies that come under the purview of the Reserve Bank of India Act would be exempted from the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest [SARFAESI] Act, 2002, Chief Minister Pinarayi Vijayan has said, report the Hindu.
Mr. Vijayan said that steps for exempting the sector would be expedited. Agriculture Minister V.S. Sunil Kumar said that procedures for waiving farm loans up to Rs 2 lakh would be completed within months.
Cooperation Minister Kadakampally Surendran said it was the United Democratic Front government that brought cooperative banks too within the purview of the Act in the State.