Empowering Farmers...
Study by IRMA on Business Growth in LTCCS during Amrit Kaal
The Study Team from Institute of Rural Management Anand (IRMA), Gujarat headed by Prof Indranil De met Shri K.K. Ravindran, Managing Director at Federation’s Office in Mumbai on 04th April 2024 for discussions on the Terms of Reference of the Study. Prof Sunil Sangwan and Research Assistants Dr. S.K. Esther Ali and Dr. Sangram Mane were other Members of IRMA team. Smt. Rajashree V.N., Chief Director and Smt. R. Mythili, Deputy Director also participated in the discussions. The Study on Business Growth of Cooperatives in various sectors during Amrit Kaal is an important initiative of Ministry of Cooperation. The objective of these studies is to raise the share of cooperatives in India’s GDP from 10% at present to above 40% by 2047. These studies by sectoral federations are fully funded by Ministry of Cooperation and are undertaken by engaging reputed professional agencies. The IRMA which is undertaking the study for LTCCS has already completed the preparatory works of the study including review of literature, secondary data analysis, preliminary discussions with the Federation on the terms of reference and also finalised data collection tools. The terms of reference of the study include suggesting measures to achieve annual business growth of 20% by member banks of the Federation during the next 25 years and strengthening the Federation to provide required support to member banks to attain their organisational and business goals including performing effectively its functions as specified under section 24 of Multi State Cooperative Societies Act 2002. The study team visited SCARDBs in various states and submitted its draft report which is being finalised in consultation with the Ministry of Cooperation.
Study on Reforms, Restructuring and Innovations in ARDBs.
The Study Team from Institute of Rural Management Anand (IRMA), Gujarat headed by Prof Indranil De met Shri K.K. Ravindran, Managing Director at Federation’s Office in Mumbai on 04th April 2024 for discussions on the Terms of Reference of the Study. Prof Sunil Sangwan and Research Assistants Dr. S.K. Esther Ali and Dr. Sangram Mane were other Members of IRMA team. Smt. Rajashree V.N., Chief Director and Smt. R. Mythili, Deputy Director also participated in the discussions. The Study on Reforms, Restructuring and Innovations in ARDBs was instituted by the Ministry of Cooperation through NABCONS of NABARD. The study team headed by Shri A.K. Srivastava has already submitted its draft report containing recommendations for wide ranging reforms in the working of ARDBs and their operations including policy support for product innovations and funding arrangements for business diversification and expansion. The Ministry has now received the comments of NABARD and NAFCARD on the draft report and is expected to finalise a list of implementable recommendations and an action plan for the same.
Conference on ‘Financial Inclusion and Digital Transformation’ jointly organized by ICA-AP Credit and Banking Committee, ANGKASA.
The Study Team from Institute of Rural Management Anand (IRMA), Gujarat headed by Prof Indranil De met Shri K.K. Ravindran, Managing Director at Federation’s Office in Mumbai on 04th April 2024 for discussions on the Terms of Reference of the Study. Prof Sunil Sangwan and Research Assistants Dr. S.K. Esther Ali and Dr. Sangram Mane were other Members of IRMA team. Smt. Rajashree V.N., Chief Director and Smt. R. Mythili, Deputy Director also participated in the discussions.
Shri K.K. Ravindran, Managing Director, NAFCARD chaired the meeting of International Cooperative Alliance Asia & Pacific (ICA-AP) Credit and Banking Committee on 5th June 2024 and the Conference on ‘Financial Inclusion and Digital Transformation’ jointly organized by ICA-AP Credit and Banking Committee, ANGKASA (The Malaysian National Cooperative Movement) and ACO (ASEAN Cooperative Organisations) on 6th June 2024 in Kuala Lumper, Malaysia.
Review of Central Sector Scheme for Computerisation of ARDBs The Federation has undertaken a State-wise review of the progress of implementation of the Central Sector Scheme for Computerisation of ARDBs and submitted a report to the Ministry of Cooperation. The Federation suggested to the Ministry to hold a joint meeting of NABARD, NAFCARD and SCARDBs to take steps to speed up implementation of the Scheme. Press Note on Budget On 23rd July 2024, Union Finance Minister Shri Nirmala Sitharaman presented the budget for the seventh consecutive time under the visionary leadership of Prime Minister Shri Narendra Modi's government 3.0. This historic budget showers the agricultural sector with transformative initiatives aimed at bolstering the nation's farming landscape.
➤ A whopping ₹ 1.52 lakh crore has been allocated to agriculture and allied sectors, marking a decisive step towards empowering farmers across the country. ➤ Key highlights include the introduction of 32 new fields for cultivation and 109 advanced, climate-friendly varieties of crops to enhance yields. ➤ Organic farming receives a major boost with plans to encourage one crore farmers through certification and branding initiatives, supported by the establishment of 10,000 Bio Input Resource Centres. ➤ In next three years, a Digital Public Infrastructure (DPI) will be rolled out to digitally empower farmers nationwide. ➤ In a visionary move, comprehensive reforms in agricultural research aim to significantly enhance productivity and development. This budget also heralds the National Cooperation Policy under the guidance of Hon'ble Union Home and Cooperative Minister Shri Amitbhai Shah, fostering rapid growth in the cooperative sector. Modi Ji's government 3.0 has crafted an unprecedented budget aimed at achieving self-reliance and delivering substantial benefits to the entire agriculture and cooperative sectors of our nation. Many thanks to our visionary Prime Minister Modi for unveiling an unprecedented budget, complete with special provisions aimed at fostering national self-reliance and delivering substantial benefits to the agriculture and cooperative sectors across the country. 175th Meeting of the Board of Management of the Federation in conjunction with Annual General Meeting on Thursday, 29th August 2024 at Gujarat SCARDB, Ahmedabad. Inaugural session : Dignitaries on the dais (from left) – Shri Narhari Amin, MP, Rajya Sabha, Dr. Bijender Singh, Vice – President of NCUI, Dr. Chandrapal Singh Yadav, President ICA-AP and Shri Dolar Kotecha, Chairman, NAFCARD & Gujarat SCARDB. Inaugural session: Participants view. 175th Board Meeting & AGM: Participants view. View of the 175th Board Meeting & AGM: Seen on the dais (from left) – Shri K.K. Ravindran, MD, NAFCARD, Shri Dolar Kotecha, Chairman, NAFCARD & Gujarat SCARDB and Dr. Bijender Singh, Vice – President of NCUI. Participants of the 175th Board Meeting & AGM NABARD to support Kerala SCARDB for short term agricultural lending: NABARD will extend concessional funding support to SCARDBs from its own resources for advancing short term agricultural loans to farmers, as funding support under GLC and Crop Loan interest Subvention Scheme of Government of India are not extended to ARDBs at present. NABARD will also extend facilities under Agriculture Infrastructure Fund (AIF) to SCARDBs which avail its refinance for various eligible purposes under AlF. Shri K.V. Shaji, Chairman, NABARD announced these decisions in the meeting with the representatives of the Federation and Kerala SCARDB at NABARD Head Office today. The meeting was attended by Adv. C.K. Shaji Mohan, President, and Shri Anil Kumar Regional Manager from Kerala SCARDB. And Shri K.K. Ravindran, Managing Director and Smt. Rajashree V.N., Chief Director from the Federation. Dr. K.S. Mahesh, CGM, Department of Refinance (DOR), NABARD and Shri S.K. Nanda also attended the meeting. NCDC Funding Support to SCARDBs Following are the highlights of NCDC’s Scheme for Long Term financial assistance to Agricultural Credit Cooperatives including SCARDBs. 1) Maximum period of Loan: 5 years repayable in 10 half yearly instalments with interest. 2) Interest rate: NCDC’s interest rates are market related, which is currently about 10%, which however, can be fixed in the range of 9.5 to 9.75%, as discussed with M.D, NCDC, depending on the financial strength of the borrowing bank. 3) Purpose: The loan can be used for advancing loans to farmers for any purposes in agriculture and rural sectors. 4) Eligibility for direct loans to SCARDBs: (i) There should not be any erosion in paid up share capital. (ii) Should not have incurred yearly net losses during the last 3 years. 5) Security for NCDC Loan: The Bank has to provide any one or a combination of following as security for loan. NCDC also has a scheme for extending short term Credit to Agricultural Cooperative which can be used for advancing Jewel loans, sanctioning revolving credit limit to long term borrowers and in general, to meet any kind of Short Term credit needs to Long Term borrowers of ARDBs. The short term loans will be useful to ARDBs as interim finance for initial lending. The details of this scheme is available in NCDC Website. Online (Zoom) Board Meeting on Modified Study Report on ‘Reforms, Restructuring & Innovations in ARDBs’ at 11.00 AM on Thursday, 24th October 2024 Shri Dolar Kotecha,Chairman, NAFCARD and Gujarat SCARDB presided over the meeting. The participants included Members of Board, Chairpersons, CEO’s and Senior Executives of 14 Member SCARDBs. Shri K.K. Ravindran made the presentation on the ‘Modified Study Report on Reforms, Restructuring & Innovations in ARDBs’. 
