Keshav Sahkari Bank chairman Mr Praskash Gulati said in an exclusive interview with Indian cooperative the government should ease income tax burden on cooperative banks. He said Satish Marathe, National President of Sahakar Bharti Satish Marathe led a delegation and met Union Finance Minister Arun Jaitley in Delhi arguing strongly for the withdrawal of income tax on UCBs.
The Modi government should also amend the TDS law by cutting TDS on sum of rupees 50 thousand instead of 10 thousand, Gulati demanded.
He said his bank Keshav Sahakari Bank had never violated the RBI norms and worked under the RBI rules and regulations. RBI has never punished us or ever issued directions and we are not giving any loans to our directors as this is against the norms as laid down by the RBI, he added.
Gulati a chartered accountant by profession said his bank is providing CBS, NIFT, RTGS facilities to our valuable members and account holders as the bank has 5,685 members and we are giving 15% dividend to our members.
”We will soon launch ATM card facilities for our depositors and the necessary preparations are already underway,” he said. Earlier in the bank AGM one of the delegates had complained about the bank wilting on the promise of providing ATM facilities.
Keshav Sahakari Bank has two branches in the national capital region and the bank earned a net profit of Rs 75 lakh, according to information culled from the bank website as the chairman of the bank showed reluctance to share details on the net profit with this correspondent.
”We are providing training on banking business to our employees as earlier in the AGM one of the shareholders complained against the Branch Manager and cribbed that the manager knew nothing about the banking business”, Chairman said.
Earlier Keshav Sahkari bank had opened its new branch in Shakarpur area of Delhi as reported in these columns.