Monday, April 22PROUD TO BE A COOPERATOR

Sahakar Bharati welcomes the budget announcements pertaining to CoOp sector

Sahakar Bharati appreciates & welcome the important announcements made by FM Smt Nirmala Sitaraman in her Central Budget speech as of today 1st Feb 2021 pertaining to CoOp Sector,

1) Smt Nirmala ji has announced to extend EASE OF DOING BUSINESS NORMS to Multi-State CoOp Societies which Sahakar Bharati has requested for long.

2) FM has assured to organise suitable machinery for raising funds for CoOps by issuing shares & bonds.3) Sahakar Bharati was constantly insisting to organise separate Desk or Section in the Dept of Financial Services.

FM has assured to set up Administrative Structure for CoOs which we hope it will provide requisite input to FM while formulating CoOp policies.

In spite of above FM has assured tax neutrality while converting UCBs to SFB. We hope it’s not an incentive for conversion of UCBS to SFB.

It is expected to remove only hurdles in transferring Assets to SFB.FM has also assured the access to bank depositors to DICGC Funds to the extent sum insured.

However, it’s not made crystal clear that how & when depositors will get the access.Overall Sahakar Bharati welcomes the budget announcements pertaining to the CoOp sector.

– Dr Uday Joshi, Ntnl Gen Secretary, Sahakar Bharati.

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