Union Ministry of Cooperation Secretary Ashish Bhutani recently held a meeting with officials of Nabard, Nafcard to have discussions about reforms, restructuring and innovations in Agriculture and Rural Development Banks (ARDBs) at Atal Akshay Urja Bhawan.
On behalf of Nafcard, its Chairman Dollar Kotecha, MD K K Ravindran, Nabard and Union Ministry of Cooperation secretary,and other senior officials were present. Additional Secretary Pankaj Bansal was also present in the meeting.
The meeting, which lasted two hours, discussed the Nabard Consultancy Service (NABCONS) report on reforms, restructuring and innovations in ‘Agriculture & Rural Development Banks’ (ARDBs).
In its 321-page study report, the committee under the leadership of Arvind Kumar Srivastava suggested measures on the basis of examination of different aspects of functioning of ARDBs and roles of various stakeholders.
The committee suggested the guarantee cover to deposits, banking license for SCARDBs, Umbrella Organization of SCARDBs, financial package for PCARDBs/SCARDBs and others.
It further suggested that there should be some form of guarantee cover to deposits raised by SCARDBs/PCARDBs to instil confidence in depositors.
It is said that the report will be submitted to the Union Ministry of Cooperation soon after the compilation of suggestions made during the meeting.