It was a cooperative meeting with a difference as cooperators rising above party lines joined hands to foil an impending piece of legislation with the potential of choking the credit cooperative movement to death.
The programme aimed at opposing “Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill “ was held under the aegis of Sahakar Bharati. But NCUI led by its President Chandra Pal Singh Yadav not only participated but promised all help on the issue. As Yadav finished his speech an emboldened Sahakar Bharati Chief Jyotindra Mehta could not hold himself and said if Mr Yadav is with us, victory cannot be far behind.
Readers would note an Inter-Ministerial Group (IMG) has finalized a report according to which multi state co-operative and credit societies cannot accept deposits. The proposed bill calls for banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill (Banning Bill).
There were several leading cooperators of the country on the dais. These included Chandra Pal Singh Yadav, Jyotindra Mehta, Satish Marathe, Uday Joshi, BJP leader Murlidhar Rao, Laxmi Narayan Gupta, Mukesh and Rahul Modi to name only a few.
Delegates of credit cooperatives drawn from across the states had turned up in large numbers to find a solution to
the problem they lack the wherewithal to solve by themselves. India has a robust credit cooperative movement with the number of , as Marathe quoted , 90 thousand. Among these there are close to 1300 multi state credit co-ops which have become an endangered species in the wake of the Bill.
BJP General Secretary Murlidhar Rao assured the gathering that ”it is a part of his job to convey the concern of cooperators to the party and to the govt”. He conceded India is a large country of small people. ”We are the fastest growing economy in the world and our strength does not lie with big business houses but with millions of small enterprising men ”, he said.
“In an economy which is bank driven rather than stock market driven the role of banks and credit cooperatives assumes greater significance. No government can ignore it”, Rao said allaying public fears. Rao also said in a democratic set-up suggestions are accepted even at the advanced stage-even after the Cabinet note has been prepared.
Chandra Pal Singh Yadav, NCUI President lamented that despite important contributions, the cooperative does not attract the respect due to it. “This legislation is being conceived to punish those involved in ponzy schemes but little do our rulers realize the case of credit cooperatives is entirely different”, he said.
Of the 1200 multi state cooperatives the wrong-doers could be counted on the fingers of one hand; they are not even one percent of the lot and you bring in a legislation that discredits the entire cooperative movement, Chandra Pal wondered.
Earlier, Sahakar Bharati Chief Jyotindra Mehta described cooperative as a unique model; it’s a business enterprise run by small people. Only members can decide how it is to be run –neither the Registrar nor the govt.
Sahakar Bharati believes cooperative has to be member driven. In the name of curbing chit funds and ponzy schemes you cannot divest the common men of their Fundamental Right of forming a cooperative given by the 97th CAA.
Mehta stressed the need of self regulation and said ”we would form an umbrella organization for self-monitoring”.
Sahakar Bharati patron Satish Marathe spoke on do’s and don’ts for Directors of credit cooperative societies.
Uday Joshi, senior Sahakar Bharati leader read the Charter of Self Regulation for credit coops.
Rahul Modi the young and dynamic cooperator and MD of Adarsh Credit contrasted the dangerous implications of the bill with the contributions of the cooperative movement towards the country’s economy.
The Union State Minister Parsottambhai Rupala was to attend the afternoon session but his sudden engagement in Parliament prevented him from doing so. “He wanted to come by 4 pm but by that time we had to wind up”, Jyotindra Mehta informed.
