The apex body of cooperatives-National Cooperative Union of India (NCUI) is organizing its governing council meeting on 28th August 2023 at its headquarters in Delhi.
Sources say the meeting assumes importance as discussions are slated to be held on the issue of transferring the remaining balance in the education fund to the account recently opened by the Central Government with the State Bank of India.
Meanwhile, the Ministry of Cooperation issued a circular to all the Multi State Cooperative Societies (including banks) to credit a sum calculated at one percent of their net profit every year as contribution towards the account of Cooperative Education Fund, maintained by the Central Government. It would be credited within six months from the closing of the relevant financial year.
NCUI leaders made several attempts to convince the government on the issue of retaining the custody of the Fund. Some of the leaders even met the JPC and argued their points, but all went in vain.
The Co-operative Education Fund shall be maintained and administered by a Committee constituted by the Central Government.
The committee would be chaired by the Secretary, Ministry of Cooperation and the Central Registrar, the financial adviser to the Ministry of Cooperation, two representatives of multi-State co-operative societies, the Secretary, National Council of Co-operative Training, CEO of NCUI, Director, Vaikunth Mehta National Institute of Co-operative Management, Pune and a representative from National Co-operative University would be its members.
It is to be mentioned here that IFFCO, Kribhco, Saraswat Bank, Nafed are the highest contributors.