Source: News Bharati English12 Jul 2017 13:44:33

New Delhi, July 12: NITI Aayog on Tuesday announced that it will set up an expert committee for evolving possible ways to strengthen the cooperative banks in Punjab. The committee will also discuss regulatory issues concerning the cooperative banks.

However, the Expert Committee will be chaired by NITI Member Ramesh Chand, would discuss the issue of providing financial support to District Central Cooperative Banks of the States for their sustainable growth, an issue flagged by the Punjab government.

Notably, the decision to set up the committee under member Ramesh Chand was taken by Niti Aayog vice-chairman Arvind Panagariya on Tuesday in a meeting with senior officers of Punjab and officers of central ministries.

NITI Aayog in a statement said that the group would have members from NABARD, state governments, Reserve Bank of India, Finance Ministry's Department of Financial Services and subject experts for evolving possible pathways for strengthening the cooperative banks in the country.

In a statement, the NITI Aayog said that it is one of its mandates to offer a platform for resolution of pending issues with the Central government to accelerate the implementation of developmental agenda of the states. "The NITI Aayog is closely working with the states to foster cooperative federalism through structured support and mechanisms," it said.

During the meeting, the Punjab delegation headed by Chief Secretary Karan Avtar Singh also raised the issue of clearance to a project for an extension, renovation and modernisation of canals being fed from river Sutlej. "The Water Resources Ministry has indicated that the approval would be provided within a week of receipt of revised proposal from the state government of Punjab," the NITI Aayog statement added.

Interestingly, NITI Aayog is assigned to offer a platform for resolution of pending issues with the Central Government to accelerate the implementation of developmental agenda of the States.  Therefore, NITI Aayog is closely working with the States to foster cooperative federalism through structured support and mechanisms.