Considering an avalanche of fierce opposition coming from cooperative organizations, Nabard is backtracking on its circular on primary agriculture cooperative societies.
It has said the circular need not be taken as a directive and all stakeholders including PACS should take a decision only after a careful consideration of the matter.
Instead, according to the latest Nabard circular, the whole thing should be seen as an opportunity. Not to put too fine a point on it, the Nabard latest circular, represents a major climb-down.
It bears mention the earlier Nabard circular had shocked the cooperative world especially Kerala – a state rife with thousands of Pacs had screamed against the Nabard ukase at the top of its voice.
Sources say Nabard has to eat crow as its directive on Pacs would have caused destruction. Nabard could not destroy the basic parts the cooperative sector is made from and its arguments in favour of the move were without reason, assert the sources.
