cooperatives

IFFCO rolls out portal for farmers

Fertiliser major IFFCO has partnered with Singapore-based technology firm iMandi to start an e-commerce platform for farmers, with an investment of about ?80 crore. An e-commerce app, ‘IFFCO iMandi’, has been introduced and would cater to 5.5 crore farmers already associated with the cooperative. A web portal has also been developed. IFFCO’s managing director is U.S. Awasthi.

V. Naidu at Ntl. Consultation on Agriculture

Vice President of India, Shri M. Venkaiah Naidu addressed National Consultation on Agriculture at Vaikunth Mehta National Cooperative Institute of Management. He emphasised on a multi-pronged strategy & creating a policy framework with intensification of Farming. The focus was on marketing and agri Logistics, agri trade policy, transfer of technology and agricultural insurance and credit.

Cabinet approved agreement b/w India & Peru

Cabinet has approved an agreement between India and Peru which was signed in May 2018 at Lima, Peru. The agreement aims to establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on new and renewable issues on the basis of mutual benefit equality and reciprocity. The Agreement will help in strengthening bilateral cooperation.

India-Denmark MoU on sustainable development

The Union Cabinet apprised the MoU signed between India and Denmark. The objective of this MoU is to promote bilateral cooperation in the field of sustainable and smart urban development on the basis of reciprocity and mutual benefit through an exchange of knowledge, institutional cooperation, research. Under this MoU, a Joint Working Group (JWG) will be set up to strategise.

Co-op banks can become small finance banks

The Reserve Bank of India has decided to allow urban co-operative banks (UCB) to convert into small finance banks (SFB), The move is aimed at bringing these entities into mainstream banking. UCBs currently face regulation by both the RBI and the respective State governments. By turning into SFBs, they will be regulated only by the RBI.

RBI imposed penalty on Cooperative bank

The Reserve Bank of India has imposed a penalty of ?50,000 on Universal Co-operative Urban Bank, Mancherial, Telangana. The penalty has been imposed on the bank as it had violated RBI’s directive and guidelines on loans and advances to directors and their relatives. Urjit Patel is the Governor of Reserve Bank of India which is headquartered at Mumbai.

India okays MoU to tackle oil spills

Union Cabinet has approved a MoU b/w India & South Asian Cooperative Environment Programme for co-operation in response to oil & chemical pollution in South Asian seas. The MoU aims to promote closer cooperation b/w India & other South Asian nations for protection & preservation of marine environment in the region. Indian Coast Guard on behalf of centre will be responsible for cooperation.

RBI imposed restrictions on City Co-operative

RBI has placed restrictions on business activities of City Co-operative Bank till such time as its financial position improves.Customers of the bank will not be allowed to withdraw more than Rs 1000 of the total balance held in their accounts. Bank will have to take prior approval from RBI before it can disburse loan, make any investment, borrow funds or accept new deposit.

Indo-Korean joint exercise SAHYOG- HYEOBLYEOG

Indo-Korean joint anti-piracy, search & rescue exercise ‘SAHYOG- HYEOBLYEOG 2018’ was conducted off the Chennai coast.The joint exercise is a part of ongoing cooperative arrangements b/w the 2 coast guards for the past 12 years. The exercise aims to develop working level co-operation & enhance inter-operability in the fields of maritime search & rescue, anti-piracy operations.

Nabard to provide 880 cr to cooperatives

With a view to assist farmers in Haryana, the National Bank for Agriculture and Rural Development will provide credit support of ` 880 crore to district central cooperative banks. The amount has been made available for the current rabi season. In addition, NABARD has made provision of an additional credit limit of ` 1,850 crore to ensure that the DCCBs do not face liquidity crunch.