Author: SahkarNet

Union Home and Cooperation Minister Shri Amit Shah will present the “Efficiency Awards” instituted by the National Federation of Cooperative Sugar Factories (NFCSF) on August 10 at New Delhi. These prestigious awards are presented every year to the best performing cooperative sugar mills. These announcements were made by NFCSF President Harshvardhan Patil in New Delhi. Prakash Naiknavare, Managing Director of the Federation was also present during the interaction. The awards ceremony will take place at 3 PM at the Dr. Ambedkar International Centre, Janpath, New Delhi which will be attended by Chairmen, Vice-Chairmen, Farmer Directors and Managing Directors of cooperative…

Cooperation Minister Amit Shah praised the Union Budget on Tuesday for its support of fishery cooperatives, highlighting that these cooperatives will benefit from new financing facilities through NABARD for shrimp cultivation, processing, and export. In her speech, FM announced that Financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks will be provided. Smt. Sitharaman said Financing for shrimp farming, processing and export will be facilitated through NABARD. In a social media post, Shah also commended the Budget’s announcement of a ‘National Cooperative Policy,’ which he believes will empower the cooperative movement and enhance its grassroots…

In a bid to enhance productivity and address climate change challenges, the Union Budget has unveiled a series of initiatives, including a review of the current agricultural research setup, the release of climate-resilient crop varieties, the establishment of large-scale vegetable clusters, and improvements in the production, storage, and marketing of pulses and oilseeds. Introduction of digital public infrastructure to the agricultural sector, supported by a substantial ₹1.52 lakh crore investment for overall development and productivity enhancement, holds significant potential for uplifting a sector that provides livelihood to over 40% of the country’s population. Some of the highlights are: Digital Public…

The Reserve Bank of India (RBI) has cancelled the license of Uravakonda Cooperative Town Bank Ltd, based in Andhra Pradesh, citing adequate capital and earning prospects. Consequently, the RBI has directed the bank to cease all banking operations with effect from the close of business on July 20, 2024. The Commissioner for Cooperation and Registrar of Cooperative Societies, Andhra Pradesh, has been asked to issue an order to initiate the winding-up process of the bank and appoint a liquidator for its affairs. According to RBI, Uravakonda Cooperative Town Bank lacks adequate capital and viable earning prospects, failing to meet the…

VAMNICOM conducted the convocation of its postgraduate diploma in management agribusiness management programme for 2022-24 on Saturday. Murlidhar Mohol, Minister of State (Cooperation), Government of India was the Chief Guest. On the occasion, he presented degree certificates to all 93 passing out students & awarded a medal to the topper. He also inaugurated the 32nd batch of PGD Agricultural Business Management 2024-26 and digitally launched the Executive Edge Sessions Series. He said that the cooperative sector of the nation is set to witness a massive transformation through the New Cooperative Policy under the visionary leadership of Prime Minister Narendra Modi…

The Reserve Bank of India (RBI) has released revised master directions on Fraud Risk Management applicable to Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), and Central Cooperative Banks (CCBs). The updated directions, named “Reserve Bank of India (Fraud Risk Management in UCBs / StCBs / CCBs) Directions, 2024,” supersede the previous guidelines. They mandate Cooperative Banks to establish and implement robust policies and systems to handle potential fraud risks efficiently. Key Highlights of the master directions: Governance Structure: Cooperative banks are required to establish a Board-approved policy on fraud risk management that should clearly outline the roles and responsibilities…

Prakash Naiknavare, the Managing Director of the National Federation of Cooperative Sugar Factories Ltd. (NFCSF), was honored with a lifetime achievement award at the recently held Sugar Summit 2024 in Lonavala, Maharashtra. The award was presented by the Additional Chief Secretary of the Government of Maharashtra. Naiknavare, a stalwart in the sugar sector with over 23 years of dedicated service, currently leads India’s National Sugar Federation, representing 259 cooperative sugar mills and 9 state sugar federations nationwide. His role involves overseeing member mills, providing technical consultancy both domestically and internationally, and shaping India’s policy on sugarcane, sugar, and related products.…

The Karnataka Milk Federation (KMF), renowned for its Nandini brand of milk and milk products, achieved a significant milestone by procuring one crore litres of milk from its members in a single day. Celebrating its 50th anniversary, KMF faces new marketing challenges amidst its expanding milk procurement. The milestone prourement was reached on June 28, with 1,00,05,000 litres procured across village-level cooperative societies, a feat repeated the following day. Currently, KMF’s cumulative average milk procurement stands at 98 lakh litres. Competitive Market Despite a 14% increase in milk procurement this year, sales of KMF’s milk and milk products grew by…

The Enforcement Directorate (ED) has taken action in connection with a significant money laundering investigation involving Rs 24,000 crore of investors’ funds. In a statement issued on Thursday, the ED disclosed that it conducted searches against a Kolkata-based cooperative society. As per ED press release dt 11th July, 2024, the raids were carried out at Kolkata, Lucknow, and Mumbai which yielded substantial findings. Among the seized items were “incriminating” documents, accounting records, and digital devices belonging to Humara India Credit Cooperative Society Ltd. Notably, cash amounting to ₹ 2.98 crore, identified as “proceeds of crime,” was also confiscated during the…

The National Federation of Co-operative Sugar Factories (NFCSF), the Apex body for the cooperative sugar sector in the country, has announced the winners of its National level Efficiency Awards for cooperative sugar factories for the year 2022-23. NFCSF President Harshvardhan Patil announced the names of 21 cooperative sugar factories, recognizing their outstanding performance. The selection process involved a meticulous evaluation by an Expert Committee led by Chief Director of Sugar and comprised of eminent figures from the sugar industry and state cooperative sugar federations. The Expert Committee evaluated the performance of the cooperative sugar factories on the basis of various…