The representatives of Sahakara Dharma Peetam, which claims to be a Dharmik Samstha propagating cooperative principles and ethics, met the Chief Justice of India last week and submitted a memorandum seeking repeal of Banking Regulation Amendment Act 2020.
Talking to Indian Cooperative the organization’s head Shambharapu Bhoomaiah, who likes to be called a Sevak, said that he met the Chief Justice last week during the latter’s trip to Hyderabad.
Explaining further Bhoomaiah said “Submitted a Memorandum to Hon’ble Chief Justice of India, Shri N. V. Ramana on 19-6-2021 at Hyderabad to quash the Section 12(1) of B. R. (Amnd) Act-2020, which is violating the Fundamental Right 19(1)(g) and which changes the basic nature of the Constitution.”
Sahakara Dharma Peetam is a Dharmik Samstha, propagating cooperative principles and ethics arguing they can succeed only if the Cooperative dharma prevails. Bhoomaiah has written a letter to the Honourable Chief Justice of India urging him to quash the newly amended Banking Regulation [amendment] Act that threatens basic principles of cooperation, informs a press release mailed by the organization to Indian Cooperative.
In his letter Bhoomaiah says that the Fundamental Right 19(1) (g) is being violated through Section 12(1) of the Banking Regulation (Amendment) Act-2020 as it changes the basic nature of the Indian Constitution.
Actually, the amended Act-2020; Section 12(1) amounts to handing over cooperative banks to the private sector by taking them away from their owners- Primary Agriculture Coop. Societies, Primary Coop. Societies, Farmers and the Weaker sections of society.
He says India is predominantly a rural economy with poverty still affecting a large number of people. The private sector is not much interested in tackling the challenge of poverty at the grassroots level. The expansion of the private sector will only make matters worse. There is no denying coops banks falling into the hands of the private sector will affect peace and prosperity of rural India.
Under the circumstances we request you to quash the new law so that the fundamental rights article of the constitution is upheld.