NAFSCOB has supported the Banking Regulation (Amendment) Act which will be operational from the next financial year. The federation argues it will ensure good governance by checking leakages and misappropriation of funds, media reports say.
NAFSCOB chairman Konduru Ravinder is quoted saying the amendment is intended to bring cooperative banks under the control of the apex bank for safeguarding the interests of the depositors.
However, the chairman urged the Central government to ensure the principles of the cooperative movement that served the rural economy so well were not compromised.