New Indian Express reports Karnataka has passed the Karnataka Souharda Sahakari (Amendment) Bill 2021, with a view to changing the nomenclature of the hitherto ‘Souharda Co-operative’ to ‘Co-operative Society’ to help societies avail loans even from District Central Cooperative (DCC) Banks and commercial banks.
Both the ruling and opposition party members welcomed the bill describing it as “simplistic and reformatory.” Members said the new bill would make the cooperative sector stronger and people friendly.
According to the new Act, salaried employees of co-operative unions and federations will not hold shares in the societies, or contest elections.