Tuesday, April 16PROUD TO BE A COOPERATOR

Sahakar Bharati welcomes the announcement of appointing EC for UCBs

Sahakar Bharati hails the constitution of Expert Committee(EC) for UCBs vide RBI Governor Statement dt 5 th Feb 2021. Sahakar Bharati was constantly pressing for the constitution of EC, particularly after the enactment of Amendments in BR ACT & downfall in the number of UCBs across the country.

Sahakar Bharati welcomes the announcement of appointing EC for UCBs. However, Sahakar Bharati also expects the broad-based EC which will consider the following important points too for the overall development of the sector

1) EC be broad-based of officials & Cooperators

2) Drafting of Vision for the growth of UCB Sector including issuing of licences for new UCBs

3) Providing a road map with milestones.

4) Provision of voluntary conversion of Credit Coops into UCBs & vice versa

5) Review of guidelines regarding Board of Management6) Guidelines for raising capital in the form of Shares, through Public Issue & on private placement basis.

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

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