Cooperators from across the country have reacted with a mixed feeling on the union budget presented by the govt on Tuesday. While they are happy for the sops announced for small co-ops, they are unhappy with the continuation of IT on co-ops.
Excerpts:
Vidyadhar Anaskar, Chairman, Maharashtra Urban Cooperative Bank Federation
As far as the cooperative banking sector is concerned, no major relief has been given to this sector but the overall Union Budget presented by Union Finance Minister Nirmala Sitharaman is good especially the announcement made for connecting the Post Offices in India to the Core banking system.
Atul Khirwadkar, CEO, Kalyan Janata Sahakari Bank
This Budget has not played to the galleries, keeping in the background the dance of democracy in 5 states so as not to invite the wrath of the Election commission of the country. With a growth projection above 9%, this is a fantastic Budget. Let us see how RBI responds to the ensuing monetary policy on Feb 22.
Vamnicom Director Dr. Hema Yadav
The budget focuses on Inclusive development, sunrise opportunities, climate action, natural farming, Kisan drones, blockchain technology-based currency.
Maheshbhai, Chairman, Sabarkantha District Cooperative Bank
Overall it is a good budget for the development of the country and in the interest of cooperative societies, the government has reduced the alternate minimum tax and surcharge.
Er. Avinash Kothale, Chairman, Jijau Commercial Cooperative Bank
Budget 2022 Presented by Finance Minister Nirmala Sitharaman does not depict tax rebates to the majority of taxpayers an she has not provided 80P concession to co-operatives which were earlier given as profit is not the motive of co-operatives.
Subhash Mohite, Chairman, Pune People’s Cooperative Bank
There is no relief for co-operatives. It is not useful for the urban cooperative banking sector. We were asking for 80P concessions from the government but to no avail. Our demand went in vain. Nothing was announced for the newly created cooperative minister. No relief was given to the banks which are grappling with the effects of Covid-19.
Laxmi Das, Chairman, Kangra Cooperative Bank
Firstly, we welcome the move for reducing the alternate minimum tax and Surcharge from the cooperative societies. Secondly, we were hoping for a separate package for the cooperative banks to bring out them from the NPA level, which had increased due to Covid-19.
Citizen Cooperative Bank, Noida, CEO Prem Mishra
The cooperative sector has benefitted from a Tax angle, for which all the concerned were waiting.
Pradeep Naik, CEO, Raigad District Cooperative Bank
The overall budget is good and we see there are many opportunities for the DCCBs including Nabard to facilitate funds with blended capital to finance startups for agriculture & rural enterprises and others.
Kokon Mercantile Cooperative Bank, CEO, Sadanand K Nayak
For the first time, the cooperative sector’s issues are addressed. Corporate tax for co-operatives is reduced to 15% and surcharges are reduced from 12% to 7% giving relief to co-operative banks to augment Reserves for capital adequacy.
Visakhapatnam Cooperative Bank, Chairman, Chalasani Raghavendra Rao
The union budget presented to parliament today was totally disappointing to the Cooperative sector. Neither NPA norms nor Income tax relief has been granted to them. There is no level playing field for Cooperative banks today.
Kaijs Bank, Vice-Chairman, Chandrakant Chougule
Every year FM tries to meet expenditures, not expectations of all. The overall budget is good because FM has tried to maintain a fiscal deficit at 2.91 % which is good for healthy economic growth. The budget is mainly for expenditure and expenditures should be productive purposes.
Pune District Central Cooperative Bank, Chairman, Digambar Durgade
There is no direct relief for the co-ops in the Union Budget. Opening a platform for the post offices to expand the banking services in the rural areas, will pose big challenges for the DCCBs to work.
Maharashtra Nagari Sahakari Bank, Chairman, Shivajirao Patil
The Central Government is focusing on technology especially in the agriculture sector. Spraying urea in the fields through Drone is a game-changer. The government has reduced the alternative minimum tax and surcharge from the co-ops, we thank the Modi government for taking a decision in the interest of co-ops.