The year 2021 which is hurrying to say goodbye proved historic for the cooperative movement in the country. The most dramatic gift of the year to the sector was the creation of a new cooperation ministry at the Centre. And no less startling was the fact that the most powerful man after the PM, was entrusted with the job of heading the ministry. No wonder Shah said, “Nobody can ignore the co-op sector any longer”.
Despite the scourge of Covid, the cooperative sector has done reasonably well compared to Corporates. Most of the co-op banks and UCBs have improved their tallies. Co-op federations like Amul, IFFCO, Kribhco, Nafed, and many others have done remarkably well in the year.
Another highlight has been the commercial application of Nano Urea by IFFCO which scientists and farmers alike have called a gamechanger.
No less exciting was the news of an Indian Cooperator Dr Chandra Pal Singh Yadav taking over the Presidency of the regional global body ICA AP.
Highlights of 2021
Central Government sets up a Separate Ministry for Cooperation
Fulfilling a long-standing demand of the cooperative sector, Narendra Modi govt, in a historic move, created a new ‘Ministry of Cooperation’. This news spread like wildfire among co-operators who went euphoric about the news across states.
Amit Shah takes over as first Co-op Minister
The strong man of Indian politics Amit Shah took over as the first Cooperation Minister of India, in addition to his original portfolio of Home Ministry. Shah’s can-do attitude filled the sector with hope and optimism.
SC strikes down part IXB dealing with co-op societies
The apex court of the land agreed with the judgment of the Gujarat High Court and upheld the striking down of part 3 which dealt with co-op societies. The Supreme Court upheld a 2013 judgment of the Gujarat High Court which struck down the provisions of the Constitution (97th Amendment) Act.
Chandra Pal becomes ICA-AP Prez
Indian ace cooperator Dr. Chandra Pal Singh Yadav created history by winning hands down and becoming the first Indian to head ICA Asia-Pacific as its President.
IFFCO introduces World’s 1st Nano Urea for farmers
IFFCO MD Dr. U S Awasthi introduced the Nano urea. IFFCO Nano Urea Liquid has been found to be effective as it increases production with improved nutritional quality.
NCUI inducts Mahajan as CE; sets up Co-op Haat
For the first time in its history, NCUI had set up Co-op Haat at its premises to give a platform to smaller co-ops to showcase their products and schemes. The fair was inaugurated by the Union Minister of State for Cooperation BL Verma in the presence of NCUI’s Chairman Dileep Sanghani, Union Cooperative Secretary DK Singh, and other cooperators.
CDF formed with a vow to make India a 5 trillion-dollar economy
Ushering in a new chapter in the Indian cooperative movement, Parshottam Rupala, Union State Minister formally inaugurated the ‘Cooperative Development Forum’ at a simple yet elegant function at the NCUI headquarters in Delhi. While Suresh Prabhu has been made its Chairman, all top co-operators of the country from Dileep Sanghani to Dr. U S Awasthi to Chandra Pal to Uday Joshi are its members.
DICGC: Limit raised; Depositors to get money in 90 days
In a major move, the govt has decided to tweak the DICGC Act, introduced in the last budget so that depositors of beleaguered banks get their money quickly and do not have to wait till banks’ liquidations are completed. Earlier, it raised the limit to Rs 5 lac.
Ministry takes help of NCUI in building National Co-op Database
The newly created Ministry of cooperation has begun creating a discussion on a reliable database on cooperatives.
Computerizing PACS was taken up as a priority subject and states were consulted for quicker implementation. The Ministry under Shah, is seized with the issue of formulating a national co-op policy and amending multi state act to make it in tune with present times.
Nafed’s profit doubles; doles out highest ever dividends
Nafed has been on a growth path throughout the year with the signing of several MoUs. It achieved a turnover of
Rs 36,894.95 crores with a net profit of Rs 243.89 crores and announced a dividend of 15% during the AGM to the joy of its thousands of shareholders.
Kribhco earns highest profit ever
Kribhco has earned profit before tax of Rs.513.13 crore during the financial year 2020-21 and announced dividend @ 20% on the share capital for the financial year.
Amul turnover at Rs 53K
Amul spread far and wide with setting up business in many states including UP, Telanaga and others. GCMMF, which owns Amul has marked its 75th anniversary by crossing group turnover of Rs 53,000 crore and Amul Federation’s turnover to Rs 39,248 crore in 2020-21. These figures were revealed during the 47th AGM.
Sahakar Bharati on growth path; Thakur elected President
Dinanath Thakur, who had a long stint in the Ministry was elevated to the position of President of Sahakar Bharati during the three-day National Conference of the co-op body in Lucknow. Amit Shah was the chief guest.
A rejuvenated Sahakar Bharati spread across more than 400 districts in the year.
UP based Shivalik Bank converts into SFB
Uttar Pradesh-based Shivalik Mercantile Co-operative Bank has received the go ahead from the Reserve Bank of India to convert itself as a Small Finance Bank (SFB).
NCDC creates record; disburses Rs 20K cr in first three quarters
The cooperative lender-NCDC has created a new record by disbursing loans to cooperatives more than Rs 20,000 crore in the first three quarters of the 2021-22 financial year. In the last 7 years co-op lender has raised its loan disbursement to 300%. Besides its traditional schemes, this year it launched several new schemes for health co-ops, fisheries, honey FPOs, tourism, co-op training, etc.
Saraswat Bank moves proposal to take over Rupee Bank
The Saraswat bank has put a proposal of merger not only before the Board of administrators of the Rupee Bank but also before the RBI. The proposal assures protecting the interest of depositors fully, with a little help from DICGC.
Saraswat Bank has also been adjudged yet again as one of the top 10 banks in India as per the recent release of Forbes third edition of ‘World’s Best Banks.’
Cosmos Bank emerges from cloud; earns handsome profit
Cosmos Bank earned a net profit of Rs 56.78 crore and has crossed a business mix of more than Rs 28,000 crore in 2020-21 FY. It bears recall that due to cyberattacks Cosmos Bank had incurred a loss to the tune of Rs 54.34 crore in 2019-20.
Anaskar to head State Co-op Council; to enjoy status of MoS
The veteran co-operator from Maharashtra Vidyadhar Anaskar has been appointed as the Chairman of Pune-based State Cooperative Council. A government body, Anaskar will enjoy the status of a Minister of State.
Co-op Monitor: ULCCS stands Second in the list of sector rankings
In the list of World Cooperative Monitor report 2020 published by ICA, Kerala based Uralungal Labour Contract Cooperative Society (ULCCS) has also ranked at Second position in the list of sector rankings.
Cooperators Patel, Dr Saxena, Singh and Gupta succumb to Covid 19
Spreading its tentacles far and wide, the dangerous Covid 19 Virus killed the senior cooperators in the country—Kribhco’s former Chairman V R Patel, IFFCO’s former Director of Cooperative Relations, Dr G N Saxena, Uttarakhand Pramod Kumar Singh, Sahakar Bharati Delhi official, Laxmi Narayan Gupta and others lost their lives.
IFFCO Chairman B S Nakai passes away
Soft spoken IFFCO Chairman Balvinder Singh Nakai, who was known for his mild-manners and a permanently settled captivating smile on his face, passed away. Nakai passed away after a prolonged illness later this year.
