Indian Cooperative’s desk is flooded with co-operators’ reactions to the Cabinet nod to the MSCS Amendment Bill, 2022 on Wednesday, chaired by Prime Minister Shri Narendra Modi.
Excerpts:
Pune People’s Cooperative Bank Chairman Subhash Mohite
A long standing demand of the sector, especially the multi-state cooperative societies to amend the act, stands fulfilled. I welcome the provision to give autonomy to the societies. as well as provision of share capital without voting rights which definitely will help the societies enhance their capital. The provision to give representation to women on the board and provision in respect of grievance redressal is good.
Shirish Deshpande, CEO, Buldana Urban CoOp Society.
The amendments in the Cooperative Law of the nation will surely give a new direction to all cooperative societies in India and make them more financially stable. This law will bring better transparency in cooperative societies. There will be newer and unique options available to gain financial stability.
Those organisations that currently are facing problems will be able to rise again. So also, the depositors will face no financial losses. Nevertheless, we wish that the laws for loan recovery were stricter and that the rules and the rights for the same were more elaborate. We heartily congratulate Prime Minister Narendraji Modi and Home Minister Amitbhai Shah for the same.