Karnataka Sahakara Bharati has criticized the recent protest by Shivamogga District Central Cooperative Bank (SDCC) over the alleged reduction in refinance from NABARD, media reports say.
Prasanna Kumar A.R., State Secretary of Sahakara Bharati, called the protest, led by SDCC chairman R.M. Manjunath Gowda, politically motivated ahead of elections for 170 Primary Agricultural Credit Societies (PACS) in December.
Kumar argued that SDCC’s financial issues, not NABARD, were to blame for unfulfilled loan promises. He highlighted past financial irregularities and SDCC’s failure to increase share capital and reduce non-performing assets.