29
Saturday
April 2017
10:57 PM IST
News Headlines
Home   | Main News   | International  | National   | Business   | Sports   | Special News   | Feature News   | Entertainment   | About Deepika 
MAIN NEWS
District Cooperative Banks dissolved
 
(Thiruvananthapuram, Apr, 11,2017):The government has promulgated an ordinance to restructure the management of District Cooperative Banks (DCBs), with the voting right membership limited to Primary Agricultural Credit Societies (PACS) and urban cooperative banks.

With Governor P. Sathasivam giving his assent to the ordinance on Monday, the board of directors of all DCBs in Kerala has ceased to exist, drawing heavy fire from Opposition parties which see it as an attempt by the CPI(M) to capture administrative control of the banks.

To avoid an administrative crisis, the ordinance empowers the Registrar of Cooperatives to appoint an administrator or administrative committee for DCBs for a period of one year.

Briefing the media on the decision of the Cabinet meeting held on Monday, Chief Minister Pinarayi Vijayan said the restructuring exercise would give priority for PACS and create an apex body for farm cooperatives, helping the State to tide over the crisis in the agricultural sector. He said the new law was based on the recommendation of the cooperative registration committee.

A background note on the ordinance released by the government said a review of the current situation had revealed corruption, illegal appointments and promotions and misappropriation of funds. The government, it said, was of the opinion that these irregularities are the outcome of the structural indiscipline.

Currently, other cooperative societies have membership with voting rights in DCBs. The new law takes away this right. While PACS contribute 70% of the total deposits in the 14 DCBs and consume the major share of credit disbursement, they constitute only 14.2% of the societies affiliated to DCBs and represent only 31% of the membership of the board of management.

Mr. Vijayan said the restructuring would not pose any hurdle for other cooperative societies to avail themselves of credit facilities. The ordinance also takes away the provision to cancel the membership of a society if it failed to turn up for the annual general body meeting three times in a row or failed to avail of the DCB’s services for two years.

“This provision had led to a rash of petitions and litigation. That is why we decided to do away with it,” Mr. Vijayan said.


Kodanad estate murder takes dramatic twist: 2 accused meet with accidents
Kupwara army camp attack: Three army personnel killed
CPM censures Mani for his loose tongue
CPI(M) likely to take action against Mani
Police Chief TP Senkumar Removed By Kerala Government Given Job Back By Supreme Court
Kerala minister MM Mani rattles tempers after insult-filled speech against women's organisation
Kerala Minister compares Christian cross demolition to Babri, asks bureaucrat to go to mental asylum
Munnar cross removal: Kerala CM Pinarayi Vijayan's remark may hit CPI, CPM bond
Oommen Chandy Not Interested in KPCC Prez Post
Advani, Bharti, Joshi to stand trial in Ayodhya case
Trouble-hit AIADMK eyes merger of warring factions, sidelines Sasikala and her kin
Kunhalikutty moves on to national stage
Mumbai, Chennai and Hyderabad airports put on hijack alert
'Mother of all bombs' killed 94 ISIS fighters, Afghan official says
'Mother of all bombs' killed 94 ISIS fighters, Afghan official says
Ramesh Chennithala requests RBI Governor to redress issue of note shortage
Congress gets ready for organisation elections
Pakistan court sentences Jadhav to death; if executed, it is murder, warns India
Jishnu’s family ends fast after CM assures action
India, Bangladesh sign 22 agreements
ENTERTAINMENT
Baahubali 2 takes India by storm
 Why did Kattappa kill Baahubali? The question that has been vexing millions of Indian cinemagoers for two years was answered on Friday ...  
Treatment in foreign film sets: Priyanka speaks
They gave me only action roles, says Akshay
National Award controversy: Here is Akshay's reaction
FEATURE NEWS
Suranga Model Water Harvesting
 Surangas continue to be one of the relatively less known and gradually disappearing traditional water harvesting systems of Kasargod district, in the Indian state of Kerala.
Rajendra Singh - The Waterman of India
JEE Main 2017 Result declared, Check Now !
JEE Main 2017 over, “Cutoff expected to be 105”, say experts
SPECIAL NEWS
Cool-headed duck becomes latest Internet sensation !
 Tigers are fierce animals. But, a tiger of Australia's Symbio Wildlife Park had to give up all his efforts to get hold of a duck.
Kalolsavam 2017: Manju steals the limelight
A sparkling gem of an artist
7 steps to beat childhood obesity
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.