Co-op sector should fight legally against the stand of Central government and RBI: Rajendra Kumar

9:55 AM, Wednesday, December 14th, 2016
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Rajendra KumarMangaluru: “There is a need to fight against the decisions of the Central government and RBI legally for allowing the customers of cooperative banks to withdraw same amount of money from current account from the cooperative banks also,” said SCDCC bank President Dr M N Rajendra Kumar.

He was addressing the gathering in a meeting called to find solution for the problems which occurred after the demonetisation of currency notes, at SCDCC bank hall on Tuesday.

“Co-op societies have been registered under state government’s co-op department. We are facing problem because we are not registered under RBI. Many farmers who are believed in co-op societies are in trouble. No money is flowing to the societies and co-op banks from November 8,” he said.

Rajendra KumarHe further said that trade has been hit partially and the societies are not being able to release loan. Even the customer is also not able to repay the loan. If the loan is not repaid before March, then all the co-op banks will have loses. So, legal action should be taken for this problem.

“All the societies have note counting machine. We need to have swiping machines. If uniform software is developed then the transaction will be made easier,” he added.

Many presidents and CEOs of various banks urged SCDCC bank to lead them from front for the legal actions.

SCDCC bank Vice-President Kishan Hegde Kolkebail, Directors B Niranjan, Rajaram Bhat, Vadiraj Shetty, Bhaskar Kotyan and others were present.




Rajendra Kumar


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