Author: SahkarNet

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…

The eligibility of nominated members to contest elections for office bearers in a multi-state cooperative society (MSCS) has become a significant query in recent times. This question emerged following amendments to the MSCS Act, 2002 last year, which established the Cooperative Election Authority and introduced cooperative election rules. While many societies navigated the new rules seamlessly, the Indian Farm Forestry Development Cooperative Limited (IFFDC) seems to have encountered certain challenges as the election of its Chairperson in the recently held election was rejected by the Cooperative Election Authority. Issue IFFCO nominated three members on the board of IFFDC who did…

On Sunday, Union Home Minister and Minister of Cooperation, Amit Shah, urged People associated with cooperative institutions to open their bank accounts in the District Cooperative Banks. His appeal was aimed at strengthening the economic structure of the cooperative sector in the country. Key Facts: While addressing the the 76th Annual General Meeting of Kheda District Central Cooperative (KDCC) Bank Limited, Nadiad, Gujarat via video conferencing, Shah said “If the mantra of “Cooperation Amongst Cooperatives” is successful, then India does not need to take help from anyone in the cooperative sector”. He also virtually inaugurated the bank’s new building, Sardar…

The Kerala Cooperatives Department recently achieved a significant milestone by shipping 12 tonnes of value-added agricultural products processed by cooperative societies in the state to the United States. The consignment managed through an export agency in Kochi, was ceremoniously flagged off by Cooperation Minister V N Vasavan at the Vallarpadam Container Transshipment Terminal. Underlining the department’s proactive approach, Vasavan highlighted the recent training provided to representatives of 30 cooperative societies in Kumarakom on processing value-added agricultural products. He stated that each cooperative society received Rs 2 crore in association with Nabard. This fund supports the development of essential facilities such…