NAFSCOB chairman urges union govt to support cooperatives for achieving mantra of ‘Sahakar Se Samridhi’

Karimnagar: National Federation of State Cooperative Banks limited chairman Konduru Ravinder Rao has urged the union government to support cooperatives to achieve overall prosperity in the country through the mantra of “Sahakar se Samridhi”. He said that the government was formulating a new National Cooperation Policy and collecting opinions from its stakeholders. NAFSCOB chairman was […]

Karimnagar: National Federation of State Cooperative Banks limited chairman Konduru Ravinder Rao has urged the union government to support cooperatives to achieve overall prosperity in the country through the mantra of “Sahakar se Samridhi”. He said that the government was formulating a new National Cooperation Policy and collecting opinions from its stakeholders.

NAFSCOB chairman was participating as chief guest at the two-day National Workshop on Banking Regulations (Amendment) Act 2020 and Management of State Cooperative Banks for Managing Directors and Chief Executive Officers jointly organised by National Forensic Sciences University (NFSU), Gandhinagar, Gujarat and Vaikuntha Mehta National Institute of Cooperative Management (VAMNICOM), Pune, Ministry of cooperation, Government of India, at NFSU campus on March 1 and 2.

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Stating that the regulatory changes under the Banking Regulation Act have put forth many challenges for the rural cooperative banks particularly in terms of statutory provisions and regulatory compliances, the NAFSCOB chairman said that there was a need to understand the regulatory aspects, policy concerns, structural issues for state cooperative banks (SCB).

This requires extensive deliberations on key issues with all the stakeholders to develop an understanding in terms of policy level issues, Ravinder Rao said and added that the deliberations in the conference will enable in preparation of draft documents to give necessary policy inputs to policymakers (Union Ministry of Cooperation). He said that the national workshop would identify and discuss implementation issues of BR Act, 2020 and the need for structural reforms in the functioning of SCBs and also identify the issues and challenges in effective technology adoption and governance.

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