SCDCC Bank Chairman M N Rajendra Kumar accused the Reserve Bank of India (RBI) of attempting to destroy the cooperative sector by bringing cooperative societies under the tax net, reports Deccan Herald.
Kumar was speaking at a one-day training on TDS, GST and other income tax related issues of PACS.
“RBI comes to the rescue of commercial and nationalised banks that face financial crisis. However, no one comes forward to help cooperative societies”, he said.
By bringing the cooperative sector under the tax net, an attempt is being made to destroy the sector, he added.