Palghar, Maharashtra: The Reserve Bank of India (RBI) has recently taken decisive action against The Jawhar Urban Co-operative Bank Limited, located in Palghar, Maharashtra. In an order dated September 15, 2023, the RBI imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on the bank for its non-compliance with RBI’s ‘Know Your Customer…
As a policy decision taken by the Ministry of Cooperation in order to strengthen Primary Agriculture Credit Societies (PACS) across the country, PACS are allowed to open Jan Aushadhi Kendras. So far, over 4,000 PACS have already applied online to open Jan Aushadhi Kendras, and initial approval has been granted to more than 2,100 PACS…
Rural Maharashtra, a land blessed with fertile soils and a rich agricultural heritage, is on the cusp of a transformation. The agricultural sector has always been the backbone of the state’s economy, and recent research data and emerging trends are opening up new horizons for rural communities. Among these trends, the resurgence of agricultural cooperatives…
In the heartland of India, where agriculture has thrived for centuries, the state of Maharashtra stands as an agricultural powerhouse. Its vast and fertile landscapes have long sustained the nation’s appetite. However, there lies within these fields untapped potential and a transformative opportunity for rural communities. Cooperative marketing is emerging as the key to increasing…
New Delhi, August 01, 2023: The Union Cabinet, during its meeting on May 31, 2023, granted approval for what is set to become the “World’s Largest Grain Storage Plan in the Cooperative Sector.” This monumental initiative will be rolled out as a Pilot Project and will involve the establishment of various agricultural infrastructure components at…
Pune, August 6, 2023: In a significant move aimed at advancing the cooperative movement in India, Union Home Minister and Minister of Cooperation, Shri Amit Shah, inaugurated the digital portal of the Central Registrar of Credit Societies (CRCS) office today in Pune, Maharashtra. This momentous event witnessed the presence of several dignitaries, including Chief Minister…
Mumbai, October 31, 2023: In a significant stride towards enhancing the ease of complaint resolution for cooperative housing society members, the state of Maharashtra is all set to introduce an online portal. This portal, hosted on the Maharashtra cooperation website and accessible via the Sahakar Samvad mobile application, will enable members to file complaints conveniently…
Mumbai, September 28, 2023: In a recent development, the Reserve Bank of India (RBI) has taken decisive action against Bassein Catholic Co-operative Bank Ltd., located in Vasai, Maharashtra. By virtue of an order issued on September 22, 2023, the RBI has imposed a monetary penalty amounting to ₹25 lakh (Rupees Twenty-Five lakh only) on the…
Mumbai, September 28, 2023: The Reserve Bank of India (RBI) has taken stern action against Saraswat Co-operative Bank Limited, Mumbai, by imposing a monetary penalty of ₹23 lakh. This penalty comes as a consequence of the bank’s contravention of the provisions of Section 20(1)(b)(iii) read with Section 56 of the Banking Regulation Act, 1949 (BR…
In a noteworthy move aimed at boosting cooperative societies’ participation in the fuel retail sector, the Ministry of Petroleum and Natural Gas has revised its guidelines, giving priority to Primary Agricultural Credit Societies (PACS) in the allotment of petrol and diesel dealership outlets. The amendment, effective immediately, introduces a groundbreaking reservation system for PACS in…
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