Author: SahkarNet

The collaboration aims to revolutionize the lending process for India’s 120 million farmers by reducing loan approval times from three to four weeks to just five minutes! The National Bank for Agriculture and Rural Development (NABARD) has forged a pivotal partnership with the Reserve Bank of India’s subsidiary, RBIH, to revolutionize the processing of agricultural loans, significantly reducing approval times. This collaboration will integrate NABARD’s e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) developed by the Reserve Bank Innovation Hub (RBIH), according to an official statement. The primary objective of this initiative is to…

The National Dairy Development Board (NDDB) has entered into a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to facilitate financial assistance to beneficiary organisations (BOs) in the cooperative sector, which includes milk unions/federations, producer-owned institutions, and NDDB’s subsidiary companies. The MoU was signed by Shri S Regupathi, Executive Director of NDDB, and Shri Dipankar Mahapatra, General Manager of Punjab National Bank, in the presence of Dr. Meenesh Shah, Chairman of NDDB. Dr. Shah highlighted the significance of this collaboration in expanding and modernizing dairy infrastructure, aiming to improve efficiency across the dairy value chain. He expressed confidence that…

In response to the deteriorating financial condition of the Konark Urban Co-operative Bank, located in Ulhasnagar, Maharashtra, the RBI has taken decisive action, imposing several restrictions, effective as of the close of business on April 23, 2024. Impact on Bank’s Daily Operation: These restrictions, enacted under Section 35A of the Banking Regulation Act, 1949, encompass various facets of the bank’s operations. Notably, the bank is prohibited from granting or renewing loans and advances, engaging in new investments, assuming additional liabilities, or disposing of its assets without explicit permission from the RBI. Given the bank’s liquidity challenges, the RBI has implemented…

CelerityX, the enterprise networking solutions business of OneOTT Intertainment Ltd. (OIL), a subsidiary of Hinduja Global Solutions Limited, announced the launch of OneX – a unified network-as-a-service solution covering network management, security, and LAN-side control solution, today. The company also announced deployment of OneX to tackle the connectivity challenges faced by cooperative credit societies in Maharashtra. In strategic partnership with Maharashtra State Cooperative Credit Societies Federation (MAFCOCS), CelerityX aims to ensure secure and high uptime banking connectivity for over 40,000 branches in the state, with the potential to serve over 100,000 branches nationwide. Connectivity issue is a major issue in…

राष्ट्रीय सहकारी प्रशिक्षण परिषद (एनसीसीटी) ने सहकारी समितियों के कौशल को बढ़ाने और सशक्त बनाने का काम करते हुए, भांडागारण विकास एवं विनियामक प्राधिकरण Warehousing Development and Regulatory Authority (WDRA) द्वारा प्रायोजित 186 अल्पकालिक प्रशिक्षण कार्यक्रम आयोजित किए, जिसमें मार्च, 2024 को समाप्त होने वाले वित्तीय वर्ष में 9047 प्रतिभागियों को प्रशिक्षित किया गया । WDRA प्रशिक्षण कार्यक्रम द्वारा किसानों को गोदाम उपयोग और खाद्यान्न भंडारण पर जानकारी प्रदान किया जाता है। पिछले चार वर्षों में, लगभग 31,550 किसानों ने प्राथमिक कृषि ऋण समितियों (PACS) के जागरूकता कार्यक्रमों में भाग लिया है। एनसीसीटी के एक वरिष्ठ अधिकारी ने कहा, ये…

कृषि एवं किसान कल्याण मंत्रालय (Ministry of Agriculture & Farmers Welfare), भारत सरकार द्वारा जारी गज़ट अधिसूचना के अनुसार सरकार ने 16 प्रतिशत नाइट्रोजन सामग्री (nitrogen content) और पीएच मान 4-8.5 के साथ तरल रूप में नैनो यूरिया प्लस (Nano Urea Plus Liquid) को मंजूरी दी है। इस गज़ट में कहा गया है कि इसका उत्पादन इफको द्वारा तीन साल की अवधि के लिए किया जाएगा। इफको नैनो यूरिया प्लस नैनो यूरिया का एक उन्नत फॉर्मूलेशन है जिसमें महत्वपूर्ण विकास चरणों में फसल की नाइट्रोजन आवश्यकता को पूरा करने के लिए पोषण को फिर से परिभाषित किया गया है। इफको…

In a bid to address the impasse surrounding the distribution of welfare pensions, the Kerala government has opted to borrow a loan of Rs. 2,000 crores from cooperative banks within the state. The funds will be coordinated through a consortium comprising primary cooperative societies and banks, facilitated by a dedicated company established for this purpose. Mannarkad Rural Co operative Bank will act as the fund manager, offering a competitive interest rate of 9.1%. This marks the third occasion in the past eighteen months that the government has turned to cooperative banks to fulfill its financial obligations in pension disbursement. Presently,…

At its peak, the Thrissur-based Karuvannur Cooperative Bank held public deposits amounting to nearly Rs. 290 crore. However, in 2021, it was hit by a scam involving fake loans. Multiple bogus loans were sanctioned against same property without the knowledge of the members of the society. FIRs were registered and the matter is being investigated but the distress of the people who deposited their hard earned money in the bank finds no solution. Here is the latest news about Karuvannur Cooperative Bank. As per reports, the Enforcement Directorate (ED) has submitted a report to both the Election Commission (EC) and…

The Reserve Bank of India (RBI) has announced a series of measures on Monday to address the financial challenges faced by Shirpur Merchants’ Co-operative Bank, headquartered in Maharashtra. Effective immediately, the RBI has placed restrictions on various operations of the bank due to its declining financial health. These measures include halting the granting or renewal of loans and advances, making investments, incurring liabilities, or disposing of assets without prior written approval from the RBI. In light of the bank’s liquidity concerns, the RBI has prohibited the withdrawal of funds from savings, current, or any other accounts held by depositors. However,…

Explores collaborative opportunities in agriculture and cooperative growth. A distinguished delegation comprising representatives from Bhutan and Nepal recently paid a visit to IFFCO Sadan. The delegation included His Excellency Major General Vetsop Namgyel, the Ambassador of Bhutan, along with Mr. Penday Dorji and Mr. Lavania. His Excellency Dr. Shankar Prasad Sharma, the Ambassador of Nepal, was accompanied by Mr. Tara Nath Adhikari, Mr. Badri Prasad Tiwari (Trade Counsellor), and Mr. Ambuj Chaturvedi. The meeting primarily focused on discussions pertaining to agricultural initiatives, cooperative growth, as well as the development and utilization of Nano Urea and Nano DAP technologies. Key figures…