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Telangana mulls new co-operative Act

Hyderabad: The State government is contemplating a new cooperative Act to strengthen cooperative banking system and it is planning to postpone the scheduled elections to District Cooperative Central Banks (DCCB) by six months to facilitate the passage of the new Act.

According to sources, Chief Minister K Chandrashekhar Rao is under the impression that the cooperative system badly needs strengthening to address certain flaws.

The terms of the governing bodies of the DCCBs will be over by January next. As per the schedule, the election process should have been initiated by now to elect new bodies.

The District Cooperative Central Banks were given autonomy considering the recommendation made by Vaidyanathan committee in undivided Andhra Pradesh. But officials in most of the banks were misusing the autonomous status which resulted in irregularities that were noticed in a big way.

The District Cooperative Central Banks lacked control over monitoring of the functioning of primary agriculture cooperative societies.

At the same time, the State level TSCOB also had no control over the DCCBs. That is the reason the Chief Minister was firm on effecting changes to the existing system making each and every bank as well as the primary agriculture co-operative societies (PACS) accountable.

The government is looking into the option of converting the PACS into extension counters of DCCBs. The government is keen on appointing special officers to the DCCBs once the existing governing bodies complete their tenure.

The new cooperative Act is likely to be passed in the Assembly in the upcoming budget session.

The post Telangana mulls new co-operative Act appeared first on Telangana Today.

from Telangana – Telangana Today

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