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.