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Gehlot urges PM Modi to withdraw amendments made to Banking Regulation Act
The chief minister stated that the new provisions grant all administrative power of the co-operative banks to the RBI and described it as an “encroachment on the principle of cooperatives”.
Expressing concern over the irregularities in Cooperative Societies, Rajasthan chief minister Ashok Gehlot on Monday wrote to Prime Minister Narendra Modi urging him to direct the central registrar to authorise state cooperatives department to take action against societies against whom complaints have been received.
In a series of tweets, Gehlot said, “A large number of common people have invested in Multi-State Cooperative Societies. In Rajasthan, we have received complaints from around 73,000 investors regarding irregularities amounting to ₹1419.77 crore.”
“As Multi-State Cooperative Societies are under the administrative control of GoI, I have written a letter to PM Narendra Modi seeking remedial measures including directing Central Registrar to authorize the state’s cooperative department to take action in matter in order to save interests of common people,” he tweeted.
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“Central Government has recently amended the provisions of Banking Regulation Act, which are against the basic principles of cooperatives and would have a negative impact on the functioning of State Cooperative Banks. I have written to PM Narendra Modi asking him that these amendments be withdrawn.”
The chief minister stated that the new provisions grant all administrative power of the co-operative banks to the RBI and described it as an “encroachment on the principle of cooperatives”. Gehlot demanded the previous structure and provisions to be restored “in the interest of cooperatives”.
