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Kerala to send delegation to Centre over RBI guidelines on cooperative sector
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SME Times News Bureau | 24 Nov, 2021
The Kerala Cabinet on Wednesday expressed deep concern over the Reserve
Bank of India's statement cautioning the public against cooperative
societies using 'bank' in their names as well as accepting deposits from
people who are not their members.
The Cabinet meeting, held
under Chief Minister Pinarayi Vijayan here, has decided to send a
delegation to meet all those concerned at the Centre to see that similar
statements should not be put out as they create panic in the state,
where the cooperative sector is flourishing.
State Cooperative
Minister V.N. Vasavan has already gone on record to state that this move
will "destroy" the flourishing cooperative sector in the state and it
will be dealt with strongly using all means like discussions with the
Centre, holding protests and considering seeking legal redress.
The
RBI order that came out on Tuesday stated that after the amendment in
the Banking Regulation Act, 1949, effective September 29, 2020,
cooperative societies cannot use the words "bank", "banker" or "banking"
as part of their names, except as permitted under the provisions or by
the RBI.
Union Home Minister Amit Shah also holds the portfolio
of the Cooperative Minister. The Ministry was created in July this year
with the aim to strengthen the cooperative movement in the country.
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