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New national policy on cooperatives calls for apex bank for the sector | Current Affairs | Vision IAS

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New national policy on cooperatives calls for apex bank for the sector

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New National Policy on Cooperatives

The policy aims to enhance cooperation among cooperative financial institutions while maintaining the existing three-tier credit structure.

Apex Cooperative Bank Proposal

  • An apex cooperative bank is proposed to foster collaboration and support among cooperative banks.
  • It will help in capacity building, providing professionalism, support, and business opportunities.

Regulatory Framework

  • The Reserve Bank of India (RBI) regulates cooperative banking institutions.
  • Non-banking cooperative societies, like thrift credit societies, are overseen by state registrars of cooperatives.

Three-Tier Credit Structure

  • Primary Agricultural Cooperative Societies (PACS): Operate at the panchayat or village levels.
  • District Credit Cooperative Banks (DCCBs): Function at the district level.
  • State Cooperative Banks: Function at the state level.

Task Force and Challenges

  • A task force will examine challenges faced by cooperative credit institutions.
  • It will recommend measures to address long-term credit issues and increase deposits of DCCBs.

Cooperative Societies in India

  • India has over 800,000 cooperative societies, including around 200,000 credit cooperatives.
  • Non-credit cooperatives operate in sectors like housing, dairy, labor, sugar, consumer goods, and more.

Membership 

  • The cooperative sector comprises about 300 million members, with PACS having over 130 million members nationwide.
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