Rajasthan based Aditya Credit Cooperative Society Chairman Raghuveer Singh Charan has written a letter to Nafcub President Jyotindrabhai Mehta seeking his support for the implementation of “Rajasthan Agricultural Credit Operations (Removal of Difficulties) Act (RACO RODA) in the context of credit societies for the recovery process. The Aditya cooperative is a multistate cooperative society.
He also requested help in making the law for returning the deposits of the members. The copy of the letter is with Indian Cooperative and we are reproducing below for our readers’ perusal.
It reads, “In Rajasthan several credit cooperative societies have indulged in misappropriation of funds. The latter were depositors’ money parked in their societies. This has tarnished the image of all credit societies of Rajasthan. When such cases come to light, the state government of Rajasthan takes strict action against societies so that depositors could get their money back. I thank the state gove
Reacting to his induction as a member in the expert committee on UCBs, as announced by RBI on Monday, Nafcub President Jyotindrabhai Mehta said, “the constitution of an expert committee is the need of the hour.”
Talking to Indian Cooperative Mehta added “the Banking Regulation Amendment Act was a big step forward so far as the growth of the UCB sector was concerned and now this Committee will fulfil aspirations of the sector.
Promising to do his best Mehta said “We will work together to strengthen the cooperative banking sector.”
It bears recall that RBI announced the constitution of an Expert Committee on UCBs, which will be chaired by N S Vishwanathan, Former Deputy Governor.
Welcoming the Union Budget 2021 presented by Union Finance Minister Nirmala Sitharaman, Nafcub President Jyotindrabhai Mehta has particularly hailed the announcement made by the minister on making a Separate Administrative Structure to streamline the ‘Ease of Doing Business’ for Cooperatives.
“It is a long pending demand of the cooperative sector which is being fulfilled by the Honorable Finance Minister. We are very thankful and this announcement will strengthen the cooperative sector”, he added.
Mehta also reacted to the statement on Amendments to the DICGC Act, 1961, to help depositors get easy and time-bound access to their deposits to the extent of the deposit insurance cover.