Visakhapatnam: Progress of cooperative banks slow down

Visakhapatnam: The progress of cooperative banks in the country has slowed down due to the policies of Reserve Bank of India, said Visakhapatnam Cooperative Bank Limited Chairman Manam Anjaneyulu.

Speaking to the media here on Monday, he stated that the statistics show that the economy of the country is growing and it should make the cooperative sector's economy also grow.

He alleged that the RBI has lost its independence and has gone under control of Ministry of Finance.

Anjaneyulu mentioned that special rules are being introduced to control the cooperative sector in the country, especially, institutional deposits are being prevented from reaching cooperative banks.

Further, he opines that those who join as members have to make deposits and avail loans. Otherwise bank transactions would not improve, he added.