RBI won't have full control over Co-op banks: Pinarayi
Thiruvananthapuram: Chief Minister Pinarayi Vijayan on Wednesday said that the state government will not let the Reserve Bank of India to have complete control over the co-operative banks.
Talking to mediapersons here, he said the RBI can examine the records and deposit details if needed. However, the state will not allow the central bank to seize control of it as such a move will affect the democratic nature of the co-operative sector.
He noted that there should be some relaxation in rules and regulations for the co-operative sector to overcome the crisis.
Pinarayi also called for implementation of core banking system in the co-operative sector. Currently, primary co-operative bank and district-state co-operative banks have the facility. This needs to be centralized and for this, the state government will launch a project in association with NABARD.