Co-op panels begin recovery process

The committees set up by the state government to look into the issue of the defaulters of co-operative banks have started their first round of meetings at the district level.

In November last year, the committees asked the banks to provide their list of defaulters.

Vadodara had informed all the 38 co-operative banks to furnish a list of people or groups who are not co-operating in the recovery of their long pending dues. It may be recalled that in October 2004, the state government had decided to form state and district level committees in order to curb defaulting activities in co-operative banking sector.

The committee at district level is handling the cases that are below Rs 5 crore while the state-level committee is considering the cases where the amount is in excess of Rs 5 crore.

On March 19, the district-level committee headed by district collector held a meeting with the district registrar of co-operatives, officials from the economic cell of the police department, custodians and bank officials.

"The meeting was concluded on a very positive note. The police officials have assured their support in recovery actions initiated by the co-operative banks. We expect to improve the recovery record here before we meet next month," said C B Kotech, registrar of co-operatives for Anand district.

The state government intends to fasten recovery procedeure by involving the police in the operations. There are 131 cases of defaulters going on in Anand district including high profile case of former BJP MP Dipak Patel against Charotar Nagarik Sahakari Bank.