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NITI Aayog to Give Financial Boost to Punjab’s Cooperative Banks

SMEStreet Desk July 12, 2017Last Updated: July 12, 2017

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The Union Government today constituted an expert committee under the chairmanship of NITI Aayog member (Agriculture) Ramesh Chand to look into Punjab’s demand for providing financial support to district central cooperative banks of the states for their sustainable growth.

NITI Aayog, in a statement, said, “Other members of the committee will be drawn from NABARD, state governments, RBI, Department of Financial Services and subject experts for evolving possible pathways for strengthening the cooperative banks in the country.” A decision was also taken to look into the regulatory issues for cooperative banks by the committee, it added.

It also said the Aayog was closely working with the states to foster cooperative federalism through structured support and mechanisms. “In this regard, a meeting was held on July 11, 2017, under the chairmanship of Dr Arvind Panagariya, Vice Chairman, NITI Aayog, with senior officers of Punjab Government, headed by Chief Secretary Karan Avtar Singh, and officers of central ministries.”

The issues flagged by the state covering ministries of agriculture & farmers welfare; water resources; and departments of revenue and financial services of the Ministry of Finance were discussed.