Morung Express News
December 17
KOHIMA: The Nagaland Cooperative Societies (Amendment) Bill, 2005 has been introduced in the floor of the just concluded assembly session of the Nagaland Legislative Assembly (NLA).
In implementing the bill, the Nagaland State Cooperative Society Bank Ltd shall now be able to avail Deposit Insurance Scheme for protecting the interest of depositors, a financial memorandum said here.
The expenditure in the form of payment of premium shall be borne by the cooperative credit institution operating in the state, which in the pretext of Nagaland relates to the Nagaland State Cooperative Bank Ltd with its registered office at Dimapur and Urban Cooperative Bank at its registered office at Dimapur.
The state government shall not bear the expenditure on account of payment of premium etc, in connection with the said insurance scheme unless a decision is taken by the state government in that behalf, the memorandum noted.
“Therefore no expenditure shall be incurred from the consolidated fund of the state in implementing the provision of the Bill”, it added.
The Nagaland State Cooperative Bank has been requesting the state government to make the enabling provision in the cooperative societies Act since 1991 as the Reserve
Bank of India is insisting for such statutory provision since 14th July 1970 but the same was not considered in true perspective.
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