Rahul Modi the son of veteran cooperator Mukesh Modi was also present along with his father in the national conference on the subject “Banning of Acceptance of Unregulated Deposit and Protection of Deposit Interests Bill-2015” organized by Sahakar Bharati at NCUI Auditorium in Delhi on Thursday.
Young and dynamic, the junior Modi is the MD of Adarsh Credit- a multi state credit co-op headquartered in Rajasthan. He spoke on the occasion mostly focusing on three issue- what is this Bill, its implication for the credit co-ops and the contribution of credit coops in national economy.
He said the Section 67 of Multi State Cooperative Society Act 2002 says we can do business with our members, and in the proposed bill it has been written that Multi State Society can’t do business with their members. Modi cited ruling of the apex court of India-the Supreme Court which has ruled cooperatives can work with the full time members.
The Schedule -2 of the proposed Bill says State credit cooperative societies are covered under regulated deposits but it excludes Multi State Cooperative Societies, Modi enlightened the assembly. It is ridiculous as both have the same objective, he added.
Modi appealed to the govt to do away with these cooperative- unfriendly amendments as it would amount to strangulating the cooperative movement. He ,however stressed on adopting best practices and following transparency in workings so that it does not give anyone a chance to criticize us.
Extolling the role of credit co-ops Modi said it is in variety of sector and is active at the grass root level. It is touching more than 30 million people in one way or the other, he added.
He advocated strict action against peoples who are doing frauds in the name of cooperative. He counted on digitalization as a means to fight fraud and said credit societies are mostly dependent on manual means. We have to focus on digitalization and adopt latest technology, he underlined.
