Mamta Banerjee writes letter to Modi to withdraw RBI’s surveillance on state cooperative banks

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IndiaNewsUpdate.in

Kolkata. West Bengal Chief Minister Mamata Banerjee has expressed displeasure over the transfer of the central authorities to shift the function of state cooperative banks to the Reserve Financial institution of India. He stated that this step is in opposition to the spirit of cooperative federalism. Until now the Reserve Financial institution was wanting into the capital adequacy, threat management and lending guidelines of those banks, whereas the State Authorities Co-operative Societies Registrar was accountable for monitoring the administration.

Banerjee stated in a letter to Prime Minister Narendra Modi on Monday that the oversight function and administration accountability have been transferred to the central financial institution. This needs to be handed again to the Registrar of Cooperative Societies of West Bengal. The Chief Minister stated that the Middle on June 26, by an ordinance, unilaterally transferred the fitting to oversee city and multi-state cooperative banks to the Reserve Financial institution. He stated that cooperatives are the topic of state authorities and that is to intervene within the rights of the respective state governments.

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