Year End Review 2022: Ministry of Cooperation

Source: The post is based on the article Year End Review 2022: Ministry of Cooperationpublished in PIB on 9th 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?

Computerization of Primary Agriculture Credit Societies(PACS) 

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. 

Registration of cooperative societies as ‘Buyers’ on the Government e-Marketplace (GeM) platform.

A National Level Committee under the Chairmanship of former Union Cabinet Minister Suresh Prabhu has been formed for drafting the National Cooperation Policy document.

Multi State Cooperative Societies (Amendment) Bill, 2022 

Krishak Bharti Cooperative Limited (KRIBHCO) Bio-ethanol project was inaugurated in Hazira, Surat(Gujarat).

 

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