Cooperators hail Fin Ministry’s decision

Cooperators connected with cooperative banks across the country have hailed the govt decision to offer a fresh chance to exchange high currencies notes. While BJP cooperators congratulated the govt outright, those opposed to the govt such as Congress , NCP and even Shiv Sena say the govt had to buckle before their pressure. It bears […]

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MSCB refuses to take over ailing Wardha DCCB

Maharashtra govt’s effort to revive loss making DCCBs in the state seems to have suffered a setback as Maharashtra State Co-operative Bank (MSCB) has refused to accept the state government’s proposal to take over Wardha District Central Co-operative Bank (DCCB) in Vidarbha reports Mint. A source close to MSC Bank says acquiring Wardha DCCB a […]

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NAFSCOB Board: Debate on SBN dominates

NAFSCOB the apex body of state cooperative banks in the country held its Board meeting in Mumbai last week. The meeting was presided over by Dileepbhai Sanghani. Talking to this correspondent Sanghani said ”the amount of Specified Bank Notes (SBN) accumulated at District Central Cooperative Banks in states is estimated to be  around 7 to […]

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Kerala: Ordinance dissolves BoDs of all 14 DCCBs

Amid charges of countenancing nepotism in cooperative banks by the opposition parties, the Kerala government promulgated an ordinance to bring in amendments to the Kerala Cooperative Societies Act. The ordinance spells out dissolution of Boards of Directors of all the district central cooperative banks in the state counting 14 . Under the circumstances , either […]

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KYC compliance: Nabard issues deadline to DCCBs

NABARD has asked District Central Cooperative Banks to submit details about the KYC norms of both individual account holders as well as primary cooperative agricultural societies latest by the end of December. The Reserve Bank of India (RBI) had said DCCBs which fail to meet 7 per cent CAR could end up losing their banking […]

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Co-op banks wait for SC verdict with bated breath

All eyes are glued to the apex court of the land to know what is going to happen to the petition filed by several cooperative banks against the Centre decision not to allow exchange and deposits in the cooperative structure. The matter is scheduled to come up today on Friday. Kerala, Karnataka, Maharashtra, Gujarat-to name […]

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Money laundering: Co-op banks of UP under lens

After Kerala and West Bengal several co-op banks of Uttar Pradesh are being mentioned in connection with rampant cases of money laundering in the wake of demonetization. Probe have also been initiated in some of the complaints, say media reports. Sources say several cooperative banks of the state opened the shutter of its branches as […]

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Maharashtra: Credit co-ops on war path

Nearly 16 thousand cooperative credit societies are facing financial failure in the wake of demonetization. This has pushed them on the war path as they could not provide farmers with credit any longer. The cash starved societies have threatened to go on a token strike early next month, reports Indian Express. Sources say the credit […]

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Demonetization hits co-op banks in Uttrakhand too

In the wake of demonetization the cooperative banking sector is facing problems in recovery of loans and deposits from its shareholders and Uttrakhand is no exception. After the announcement, Dr K S Rana Chairman of Dehradun District Cooperative Bank had an emergency meeting with chairmen of all 10 DCCBs of the Uttrakhand region in Dehradun. […]

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ICA A-P: Balu’s open letter to RBI Governor

Dear RBI Governor, Why single out Co-operative Banks?  The Government of India, under the leadership of Prime Minister Narendra Modi has taken  bold and audacious steps to curb the flow of black money and prevent the counterfeiting of notes.  The demonetization of Rs.500 and Rs.1,000 notes have been lauded by the public; despite the sudden […]

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