Strong FIs urged to adopt weak counterparts

In a bid to check further collapse of co-operative banks in Gujarat, the state government has called upon 'fundamentally strong financial institutions (FIs) to adopt weak co-operative banks.

Speaking at a seminar on "Audit in co-operative banks" at the Agriculture Produce Market Committee Hall in Surat, state agriculture and co-operation minister Bhupendrasinh Chudasama said the Gujarat government was determined to ensure that not a single co-operative bank in Gujarat collapses.

"We have asked big and strong FIs to take the lead and adopt weak banks," he said.

Lauding the rich co-operative tradition and movement of Gujarat, the minister called upon the auditors to be alert in guarding the interests of the sector.