New cooperative policy soon: Amit Shah

New cooperative policy soon: Amit Shah

Union home minister Amit Shah, who is also minister of cooperation, on Sunday, announced that the Centre will soon unveil a new comprehensive cooperative policy to widen the reach of cooperatives at the grassroot level and strengthen the cooperative sector.

He also said that the government has decided to amend the Multi State Cooperative Societies Act 2002 to establish an effective regulatory mechanism for multi-state cooperative societies and remove the loopholes in the existing act.

Addressing the annual convocation ceremony at the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) in Pune, he said that the government shall soon computerise the Primary Agriculture Societies (PAC) and link these with the District Central Cooperative Banks that in turn will be linked with State Cooperative Banks and the National Bank for Agriculture and Rural Development (NABARD) to establish a seamless and transparent financial system for cooperative banks. Currently there are at least 95,000 PACs in the country out of which 65,000 are active, he said.