In a key development, Dr. Ashish Kumar Bhutani, Secretary, Ministry of Cooperation, convened a high-level meeting with officers from the Department of Financial Services and the Controller General of Accounts on Monday.
The discussion focused on the proposal to allow scheduled cooperative banks to open Single Nodal Agency (SNA) accounts.
The move aims to strengthen the role of cooperative banks in implementing centrally sponsored schemes by enabling them to manage SNA accounts. Currently, this privilege is primarily extended to commercial banks.
The meeting explored the operational and regulatory implications of the proposal, reflecting the government’s commitment to empowering the cooperative sector.
Further deliberations and decisions are expected in the coming weeks.
