Budget: Not all as enthused as Mehtas and Sanghanis

Not everybody is as happy with the provisions of the Union Budget as NAFSCOB Chairman Dileepbhai Sanghani or for that matter NAFCUB President Jyotindra Mehta-the two leaders owing allegiance to BJP. Scores of Chairmen of District Cooperative Banks and UCBs have faulted the budget for its inadequacies.

Indian Cooperative correspondent talked to Chairmen and CEOs of Urban Cooperative banks to know their reactions to the latest budget. UCB Kangra Cooperative Bank Laxmi Das said “ it would have been praiseworthy if concessions given to other sectors of the economy had been given to the cooperative banking sector as well.

I wish, problems arising out of demonetization for the cooperative banking sector had received some mention in the budget. But our major grouse is there is no mention in the budget as to how we will give rebate on Income Tax, Das who heads the Delhi chapter of NAFCUB said.

“We had hoped a lot from this budget but our hopes have been dashed. At the time of the last general election the BJP government promised to ease our Income Tax burden and more than two years have elapsed since the BJP the govt.assumed office but nothing has been done about it. Our hope has turned into despair,” said M.Q.H. Beg, Chairman of Jamia Urban Cooperative Bank.

Dr K.S.Rana, Chairman of Dehradun State Cooperative Bank said “The Union Budget presented by Arun Jaitley on Wednesday gives us a feeling of deja vu and there are no indications that our problems arising out demonetization will be solved. The budget is mainly focused on boosting the private sector ” he said.

”The Union Budget is disappointing and we have not been given any relief. We urge the govt. to consider giving us some concrete benefits so we could meet our commitments” said chairman of Manavi UCB Thimmaiah Shetty to this correspondent soon after the budget.

”Even the US president is inclined to support the co-operative sector in order to revive his country’s economy. But it is a pity that BJP has walked back on promises made to the co-operative sector during the 2014 election campaign. That co operative banks are playing an important role in the country’s economy by serving the rural and semi urban areas needs no discussion”, Shetty added.