Vaidyanathan Committee

Vaidyanathan Committee


IMPLEMENTATION ON RECOMMENDATION OF VAIDYANATHAN COMMITTEE

Implementation of Revival Package: Government of Madhya Pradesh had accepted the recommendations of the Task Force and executed an MOU with GOI & NABARD on 7th November, 2006.

In the first phase implementation of the revival package, for calculation of the true and fair assistance amount required to cleanse the balance sheet of the PACS, special audit of PACS, in the state had been carried out on the basis of financial position of 31st March 2004. Financial assistance claims of 4520 PACS out of 4526 PACS in the state, affiliated to all 38 DCCB has been approved by the SLIC.

Amendment in M.P.Coop.  Societies Act. 1960 : Institutional and legal reforms envisaged in the State Cooperative Societies Act.,1960  has been passed by the State Assembly.

Common Accounting System (CAS): PACS across the country was using different accounting systems which did not present a true and fair picture of their financial status, a Common Accounting System (CAS) was designed by the NABARD. Common Accounting System has been implemented by the Registrar Cooperative Societies M.P. for all the PACS.

Capacity Building : For the training of elected Directors and staff of the PACS 190 District Trainers had been trained at the Ipc Bank TrainingCollege , and ICM Bhopal. Under which15050 PACS functionaries was trained.

Special Audit PACS of DCCBs : Under the Revival Package financial assistance was approved for the PACS & DCCBs on the basis of Special Audit conducted. As per Special Audit total financial assistance of Rs. 1814.40 Crores was recommended.

Release of Assistance: Under the Revival Package, financial assistance of Rs. 1814.40 Crores was approved by the SLIC based on financial position of 31st March, 2004 which includes the share of GoI & GoMP for entire 4520 PACS and all 38 DCCBs. As on date out of this Rs. 1147.20 Crores have been released to PACS and DCCBs and Rs. 667.21 Crores is yet to be received from Govt. of India for DCCBs & PACS. State Govt. has released its entire share of Financial Assistance under the Revival Package.