Education Fund Committee has two new members-IFFCO and Saraswat Bank. They are replacing Kribhco and Kopal bank.
The committee to decide on the judicious spending from Education Fund has five members which includes President of NCUI, Central Registrar, Chief Executive of NCUI and two eminent cooperators. IFFCO and Saraswat have bagged their place this time.
IFFCO has posted profit to the tune of more than a thousand crore rupees this year while Saraswat bank has beaten the Maharashtra State Cooperative bank to emerge number one UCB in the country. Its turn over has crossed Rs 28 thousand mark.
Talking to Indiancooperative.com Chief Executive of NCUI, Dr Dinesh confirmed the nomination of two cooperative giants. “Yes we had written to Central Registrar for the nomination of IFFCO and Saraswat Bank”, he said.
Their august presence would help the Committee in furthering the vision of cooperative movement, Dr Dinesh added.
Education Fund Committee usually have quarterly meeting and it lends its support to fledgling cooperatives across the country. According to Director Finance of NCUI Mr N Satyanarayan “average expenditure from this Fund per year varies in the range of Rs 9-11 crore.
In the past, expenditure from Education fund had become bone of contention between NCUI and contributing cooperatives. Hope with the arrival of two highly successful cooperatives, such apprehensions would have no place.
