Concerns have been raised about guidelines on merger of district central cooperative banks into state cooperative banks – concerns raised about guidelines on merger of district central cooperative banks with state cooperative banks

Concerns have been raised about guidelines on merger of district central cooperative banks into state cooperative banks – concerns raised about guidelines on merger of district central cooperative banks with state cooperative banks

New Delhi, May 26 (Language) The National Cooperative Union of India (NCUI) expressed concern over the Reserve Bank’s guidelines on merger of District Central Cooperative Banks (DCCBs) with State Cooperative Banks (STCBs), saying that this would lead to rural co-operatives Debt institutions will be “destroyed”.

On May 24, the Reserve Bank of India, while issuing guidelines, said that it would consider the merger of DCCB into STCB according to various conditions. These conditions include the condition of making a proposal by the respective state government.

NCUI President Dilip Sanghani said in a statement, “It is unfair and it will destroy the rural cooperative credit institutions in the country and create a lot of difficulties for the farmers.”

National Federation of State Cooperative Banks Managing Director B Mournamanyam said the Reserve Bank’s guidelines are intended to destabilize and destroy the three-tier debt structure of the country.

“This notification was not required and is provocative, provocative and mischievous,” he said.

Earlier in March, this merger was also openly opposed at a national conference of district cooperative banks.

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