Sahakar Bharati has welcomed most of the announcements made by Finance Minister Smt Nirmala Sitaraman in her Central Budget speech on 1st Feb 2021 pertaining to the Cooperative Sector and says many of its demands have been met.
Reacting to the budget, Uday Joshi, National General Secretary, Sahakar Bharati said “ Smt Nirmala ji has announced plans to extend EASE OF DOING BUSINESS NORMS to Multi State CoOp Societies which Sahakar Bharati had been requesting since long.”
FM has assured to organize a suitable machinery for raising funds for CoOps by issuing shares & bonds. Now co-operatives can raise capital by approaching the capital market, added Satish Marathe.
By Satish Marathe
A. Licences for opening new UCBs have not been issued for almost 2 decades. At the same time, Licenses have been issued by RBI to variety of new Banks. Considering the continental size of the Country, the present number of UCBs is too small and several States and Districts do not have even a single UCB.
B. Committee to prepare Vision Document for Urban Co-Op Banks.
A broad-based Committee of Cooperators & Officials is constituted to prepare a Vision Document and a Roadmap with Landmarks for growth and development of the UCB Sector.
C. Credit Guarantee Fund Scheme –
Under the above Scheme, PSU Banks, Private Sector Banks, Foreign Banks, RRBs and even Small Finance Banks are eligible lending Institutions and they get cover under the Guarantee
Sahakar Bharati seeks Sec 80C benefit for term deposits of 5 years and above with UCBs
January 30, 2021
Satish Kashinath Marathe, Director, Central Board of Reserve Bank of India - PAUL NORONHA×
‘All financially-sound, well-managed UCBs be allowed to open Sukanya Samriddhi Account’
Term deposits of five years and above placed with all Urban Co-operative Banks (UCBs) should be considered as investments eligible for deduction under Section 80C of the Income-Tax Act, according to Sahakar Bharati.
Currently, under the term deposit category, only deposits placed with a Scheduled Bank for a fixed period of not less than five years are eligible for the aforementioned deduction.
Pune based Vaikunth Mehta National Institute of Cooperative Management (Vamnicom) celebrated its Foundation Day last Friday in which Satish Marathe, RBI Director was the Chief Guest and Sanjeev Kumar Chadha, Managing Director of Nafed was the Guest of Honour. Hemant Kumar, Joint Commissioner, GST Department, Central Government was also present on this occasion, among others.
The Foundation Day function began with Dr K KTripathy, Director welcoming the guests and briefing the audience about the role the Institute plays in the area of management education, training, research and consultancy assignments.
Tripathy explained how the Institute is offering Higher Education through restructured PGDM-ABM to cater to the market demand for skilled agri-managers. He also mentioned about the restructured PGDCBM Programme and Diploma in Management of Computer Operations benefitting IT officials of Cooperatives and Government Departments.
Pune based Vaikunth Mehta National Institute of Cooperative Management (Vamnicom) celebrated its Foundation Day last Friday in which Satish Marathe, RBI Director was the Chief Guest and Sanjeev Kumar Chadha, Managing Director of Nafed was the Guest of Honour. Hemant Kumar, Joint Commissioner, GST Department, Central Government was also present on this occasion, among others.
The Foundation Day function began with Dr K KTripathy, Director welcoming the guests and briefing the audience about the role the Institute plays in the area of management education, training, research and consultancy assignments.
Tripathy explained how the Institute is offering Higher Education through restructured PGDM-ABM to cater to the market demand for skilled agri-managers. He also mentioned about the restructured PGDCBM Programme and Diploma in Management of Computer Operations benefitting IT officials of Cooperatives and Government Departments.