In an interview given to the indiancooperative.com Rajiv Gupta, Chief Executive Officer of the Indraprastha bank has called upon the cooperative banks to oppose the direct code tax as it will threaten their existence.
Direct Tax code, to be followed in coming financial year in place of income tax is being opposed by entire cooperative sector which sees cooperative institutions as doing primarily a social service unlike commercial banks which are more interested in earning profit.
According to Gupta, the cooperative banks primarily cater to the middle class people and therefore their importance could hardly be underestimated.
Claiming the Indraprastha bank as the pride of the cooperative banks, he informed that it was founded by Tara Chand in 1989. The bank has an annual turnover of 180 crore.
As per the figures available upto march 2011, the bank has had a net profit of 3 crore 19 lakh. It has 4 branches and a new branch will soon start functioning. The Bank has 35 thousand account holders.