Readers could recall that the opposition to the said circular was first voiced by Bhima Subramaniyam, MD of Nafscob and was carried in these columns of Indian Cooperative.
As per the recent RBI circular the SLR funds would now be kept with nationalized banks, instead of apex cooperative banks.
According to the minister, the state govt is opposed to the RBI circular and would urge the central govt to get this circular withdrawn. If this step was not taken, it would mean depriving the cooperative sector of nearly 20 thousand crores of rupees. The state govt would soon send a delegation to New Delhi, the minister added.
The Maharashtra cooperation minister was critical of the present central govt and called on the Nabard to oppose the RBI circular as a weak cooperative sector in the state could threaten their interests as well.