NCUI: Delegates’ expectations ranged from Credit Co-op Insurance to MSPs

More than a dozen delegates from various states spoke at the Annual General Meeting of the National Cooperative Union of India (NCUI) held in New Delhi. Most of the delegates called for NCUI to play a more proactive role in cooperative training and education. Their other demands related to NCUI playing a role in insurance schemes for credit co-ops, MSP for makhana farmers, etc.

Mahesh Nagari, Managing Director of Multi-State Cooperative Credit Society, Magaraj Rathi, urged an increase in training programs specifically designed for multi-state cooperative credit societies (MSCS).

Rathi remarked, “While NCUI conducts training for other sectors, it should prioritize programs designed for multi-state cooperative societies. Currently, most of these programs are limited to Delhi, where there are fewer MSCSs.” He suggested that these training sessions be held in locations like Pune or Shirdi, as Maharashtra has the highest number of credit cooperative societies. “Organizing programs in these areas would be more beneficial,” he said, also urging NCUI to engage with multi-state cooperative societies and include them as members.

At the AGM, Karnataka State Cooperative Credit Societies Federation Director, Sanjay Hosmath, raised several issues pertaining to the credit cooperative sector and sought NCUI’s support in addressing these challenges with the relevant authorities.

Hosmath highlighted the absence of an insurance body to safeguard depositors’ money within credit cooperatives. He proposed the creation of a mechanism similar to the Deposit Insurance and Credit Guarantee Corporation (DICGC).

He also advocated for the application of the SARFAESI Act to credit cooperatives, which would provide them with better legal frameworks for handling non-performing assets.

In his remarks, Hosmath recommended that credit cooperatives adopt the CIBIL score platform, aligning them with mainstream banks. He further emphasized that credit cooperatives that are fully computerized and financially stable should be granted membership in the National Payment Corporation of India (NPCI), allowing them to participate more actively in the country’s payment systems.

S.P. Baghel from Uttar Pradesh urged NCUI to play an active role in the upcoming Co-op Kumbh in Prayagraj, scheduled for January. Sunil Khatri demanded that the Cooperative Education Fund should be returned to NCUI.

Vinod Ashish, a delegate from Bihar, requested NCUI’s involvement in securing Minimum Support Price (MSP) for Makhana, a product cultivated by farmers in North Bihar. Vijay Singh of the Land Development and Mortgage Bank used the occasion to seek assistance from IFFCO and KRIBHCO.

Lakhanlal Sahu from Chhattisgarh advocated for including cooperative studies in the national education curriculum, while Gurunath Jayantikar proposed that NCUI collaborate with NCDC to create an insurance fund that could serve a role similar to DICGC for the credit cooperatives across the country.