UP Cooperative Minister Shivpal Yadav recently lamented the decline of honesty and sincerity in the cooperative sector in the State.
He told Vidhan Sabha that the cooperative sector was completely overcome with corruption and nepotism and things have come to a pretty pass. According to the Minister, 25 district cooperative banks are already tottering on the brink of collapse. He promised the new govt. would do all in its power to repair the situation.
It bears repetition that the RBI has refused to renew the license of these banks as they have miserably failed to meet the prescribed norms laid down by the apex bank.
The minister Yadav has informed that his govt. would soon establish contact with the central govt. and the RBI to solve the crisis. He savaged the previous govt. for botching things in the cooperative sector.
However, the BSP rejected the charge and accused the ruling party of misusing the cooperative institutions for its narrow gains and self-aggrandizement.
Cooperative Minister Shivpal Yadav presenting demand for grants for the cooperative dept. assured the house that the govt. would not allow the district cooperative banks to collapse as it would inflict incalculable sufferings on farmers. He underscored the importance of democratization of the cooperative sector otherwise this important sector of the economy would stand reduced to pieces.