Madhya Pradesh gets Rs.6 bn to revive cooperative credit societies

April 5th, 2008 - 12:34 pm ICT by admin  

Bhopal, April 5 (IANS) Madhya Pradesh has received a grant of Rs.6 billion from the central government to revive cooperative credit societies, an official said. “This amount is the maximum given to any state,” Madhya Pradesh Cooperatives Minister Gopal Bhargava said in a statement Friday.

According to him, Madhya Pradesh was the first state in the country to accept the recommendations of the Vaidyanathan Committee set up by the central government for revamping the country’s cooperative credit sector.

Bhargava said Madhya Pradesh was among the five states that amended their Cooperative Societies Act in the light of the commission’s recommendations.

He added that the union government had recently provided Rs.1.8 billion for 619 primary societies affiliated to cooperative banks in 12 districts of the state.

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