Bengal Govt To Convert 2,600 Cooperatives To Banks


Kolkata: The Bengal Government has decided to give cooperative societies in villages where there are no banks all the facilities of banks. Through this move, 2,600 societies would be turned into banks.

Chief Minister Mamata Banerjee gave instructions in this regard on March 30. The State Cooperation Department has allotted Rs 396 crore for this purpose.

The cooperative society-turned-banks would have all the facilities of regular banks, including those related to loans and money transfer. For example, money can be transferred through NEFT and RTGS. The banks would have their own ATMs too. These banks would start operating from the next financial year.

According to the Cooperation Minister, who gave these details while announcing the formation of the banks, the 2,600 cooperative societies have been selected on the basis of better track records from among the approximately 6,000 cooperative societies in Bengal.