The reactions on the Union Budget keep pouring in at the desk of Indian Cooperative. Welcoming the Union Budget presented by Union Finance Minister Nirmala Sitharaman on Tuesday, Andhra Pradesh State Cooperative Bank CEO R Shreenath Reddy said, the provision of Rs 900 crore made by the Central Government to strengthen the cooperative sector is a commendable move.
“To strengthen the PACCs, the government has made a Cooperative Credit Guarantee Fund of Rs 1 crore. Now, the financially weak PACCs will be able to get the loans which are not able to get loans from the DCCBs”, Reddy added.
He further added that the significant amount of Rs 350 crore for digitalization of PACCs and reduction in surcharge on co-operative societies from income between Rs 1 crore to 10 crores, is also a praiseworthy step.
“But, we would like to attract the attention of the government on issues related to co-ops. The Government should amend the DICGC act for ensuring the number of depositors park in PACCs societies. Besides, the government should increase the limit of housing loans disbursed by the State Cooperative Banks and DCCBs from the existing Rs 30 lakh, he demanded.