Mangalore: The SCDCC Bank today announced its opposition for the Nabard Banks order to take away the authority to issue the loans from the co-operative societies in the villages.
The president of South Canara District Credit Co-operative Bank, M N Rajendra Kumar expressed his opposition to oppose the new rule issued to the bank’s on 27th of July.
He said that by the new rule Nabard has weakened the backbone of the co-operative societies. Because of the new rule, instead of distributing the loans and helping the needy, the society has to work as an agent for distributing the money.
We will go ahead and oppose this rule in the upcoming state level meeting to be held in Bangalore which will have the DCC presidents and executive officers presence. We want all the political parties to support us and we have already sent an appeal to the state government and we request the state administration not to implement this in our state using its authority.