Source: The post is based on the article “Year End Review 2022: Ministry of Cooperation” published in PIB on 3rd January 2023.
What is the News?
The Ministry of Cooperation has launched several initiatives and schemes in 2022.
What are the schemes and initiatives launched by the Ministry of Cooperation in 2022?
RBI announced very important policy decisions for the cooperative sector:
Firstly, RBI has increased the existing limits on individual housing loans provided by cooperative banks.
Secondly, rural cooperative banks have been allowed to lend to the commercial real estate residential housing sector.
Thirdly, urban co-operative banks have now been allowed to provide door-step banking facilities to their customers on the lines of commercial banks.
A National Level Committee under the Chairmanship of former Union Cabinet Minister Suresh Prabhu has been formed for drafting the National Cooperation Policy document.
An allocation of Rs.900 crore has been made in the Union Budget for the financial year 2022-23 for the implementation of various activities of the Ministry of Cooperation which is about 2.5 times the budget provision for the year 2021-22.
Krishak Bharti Cooperative Limited (KRIBHCO) Bio-ethanol project was inaugurated in Hazira, Surat (Gujarat)