KCB: Cong, allies to approach RBI, Nabard to block sanction

While the state government moves ahead with its plan to form a Kerala Cooperative Bank (KCB) by allegedly siphoning off reserve funds of the district co-operative banks, the Congress-led Sahakarana Janathipathya Vedi has decided to approach the RBI and Nabard to demand non-sanctioning of the proposed bank.

THIRUVANANTHAPURAM: While the state government moves ahead with its plan to form a Kerala Cooperative Bank (KCB) by allegedly siphoning off reserve funds of the district co-operative banks, the Congress-led Sahakarana Janathipathya Vedi has decided to approach the RBI and Nabard to demand non-sanctioning of the proposed bank.


Chairman of the forum Karakulam Krishna Pillai said the Congress and UDF allies are determined to oppose the government’s move to create KCB by destroying the state’s efficiently-run three-tier cooperative sector. 


An emergency meet will be convened shortly to chalk out plans for mobilising public opinion and launch intense stirs, he said. “Opposition parties and cooperative sector employees have opposed the concept of KCB since its inception and will continue to do so. Their concerns and criticism were put on record at the public hearing conducted by the Sreeram committee. We challenge the government to publish the hearing’s details,” Pillai said.


“Though the government says the panel submitted its report on April 28, its contents were not made public,” he said.The government’s claim KCB will facilitate Nabard loans for farmers was false, he said.
“Even now, the state or district cooperative banks are not needed to source funds from Nabard as primary cooperative banks are entitled to request and avail them directly,” he said.

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