During his recent tour of Raigad district, Maharashtra Cooperative Minister Subhash Deshmukh visited the office of Kamal Nagari Sahakari Patsanstha. Founder Chairman of Society Girish Tulpule, Chairman Satish Chandra Patil used the occasion to apprise the minister of problems affecting the credit cooperative.
The Chairman of the society urged the minister to increase the deposit limit up to 15 times of their funds. There is a need to amend the Maharashtra Cooperative Act 35 to achieve this goal, he said.
Another issue highlighted was to give Income Tax exemption to credit cooperative societies under Section 80P. Credit cooperative societies having a business mix of more than Rs 100 crore should be permitted to establish cheque clearance houses on the lines of a bank, he urged.
The minister gave a patient hearing to the demands. Lauding the credit cooperative society, he said their incredible sustained growth is entirely due to their teamwork.
Earlier, the society had hogged the media headlines when it crossed a business mix of Rs 250 crore creating
The Board director, BJP MLA from Raigad Prashant Thakur, top officials including Rajan Patil and others were present during the meeting.
Over 3000 members are associated with the society. It has a share capital of 5 crore disbursing yearly 14 percent dividend to the members.
Kamal Nagri Sahakari Patsanstha was established on 4th April, 1992 with about 300 members and with a deposit of Rs 30,000.