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| The federation envisages developing the co-operative banking sector and increasing the interaction between the member banks, leading to more business.
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| The federation was formed at a function to celebrate the golden jubilee year of the Rajkot Nagrik Sahakari Bank Ltd.
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| Addressing the representatives of various banks in the region who had attended a symposium on the problems faced by the urban co-operative banks, the Rajkot Nagrik Sahakari Bank chairman Jyotindrabhai Mehta said the formation of the federation would brighten the outlook and increase the operational efficiency of the co-operative banks in the region.
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| All the banks in the Saurashtra and Kutch regions would be duly represented in the federation, he said.
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| Mehta expressed confidence that the federation would act as a common platform for all the banks in the region.
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| The 58 co-operative banks in the region have a total deposit base of Rs 4,000 crore and they have given out Rs 3,000 crore in advances.
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| The banks are financially sound, self-reliant and doing good business, catering to the specific needs of their respective areas.
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| State finance minister Vajubhai Vala urged the banks to adopt the best procedures and working methods.
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| He also called for a balanced and methodical loan allotment pattern.
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| He said the leaders of the co-operative movement in Saurashtra are always alert and dutiful.
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| Union minister of state for human resources development Vallabhbhai Kathiria said the establishment of the federation would provide the much-needed vibrancy to the co-operative banking sector in the region.
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| Andhra Pradesh and Maharashtra have posted significant progress in the agriculture and co-operative fronts, he said.
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| Some co-operative banks in Maharashtra reserve a part of their profit for the development of education and social purposes, the minister said and added that the banks in Gujarat should follow the example.
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| He said the co-operatives should take initiative to make drip irrigation equipment available to farmers in the region.
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| NAFCAB chief executive secretary D Krishna said the central government and the Reserve Bank of India (RBI) should frame a separate national policy for revision of interest and capital recovery.
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| The authorities should also review the restrictions imposed on the directors of the co-operatives on taking loans from their banks, he said.
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| He said rules and regulations regarding the co-operative sector should be discussed at length in the parliament before they are implemented.
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| Union minister of state for finance Anand Rao Adsul said the co-operative banks in the country have a deposit base of Rs 1.12 lakh crore.
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| The banks have disbursed up to Rs 62,000 crore in loans, he said. |
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