The National Federation of State Cooperative Banks Ltd (NAFSCOB) organized its Annual General Meeting at Aijal Club, Aizawl, Mizoram on Wednesday, in which State Rural Development and Public Relation minister Lalruatkima was the chief guest.
More than 40 delegates from State Cooperative Banks of India attended the meeting. The meeting discussed various measures to strengthen Cooperative Banks and Short-Term Cooperative Structures.
In his address, Lalruatkima said Mizoram Cooperative Apex Bank (MCAB) is doing a wonderful job in catering to the financial needs of locals. NAFSCOB has successfully negotiated with the Central Government to abolish interest tax on cooperative banks’ income.
He further added that NAFSCOB is an important bridge between cooperative banks and Reserve Bank of India, State Government, Central Government, NABARD and other financial institutions.
NAFSCOB Chairman K Ravinder Rao, Managing Director Bhima Subrahmanyam, Mizoram Cooperative Apex Bank Chairman T Lalmuanpuii, Managing Director and CEO Pu Lalzuahliana, MSC Bank Chairman Vidyadhar Anaskar and others were present during the meeting.
Several issues related to STCBs and DCCBs were taken up for discussions in the board meeting of Nafscob. . During the meeting, it was unanimously decided to have separate regulations and a regulator for cooperative banks, said one of the board members to the Indian Cooperative correspondent.
