India’s tax regime bristles with shortcomings and it greatly harms our interests. The government should formulate new policies, said Jagmohan Taneja CEO Vaish Cooperative Adarsh bank while talking to the correspondent of Indian Cooperative.com in Delhi.
The government should not tax NPA until it is recovered. Ever since the cooperative banks have been taxed, their existence is in danger. The tax burden imposed on them needs to be reduced, added Mr Taneja.
Founded in 1964 Taneja said the Vaish bank has 10 branches, 42 thousand account holders, 2500 loan accounts and an annual profit of Rs.3 crore 62 lakh.
The bank has election every three years; the last election was held in November 2011.
According to Taneja, the Vaish Bank is aiming to grow further in 2012 the International Year of Cooperatives. The bank is fully computerized and soon planning to start its ATM service.