Tax benefit to cooperatives should go

Return to societies from cooperative banks is almost double that from commercial banks

Recently, when the Finance Minister was asked about the mess in the PMC Co-operative Bank, she said that the Reserve Bank of India was responsible for regulating all banks, including cooperative banks. Of course, she said that a committee would be formed to look at changes in laws required to ensure such a mess doesn’t happen in the future. Even the Maharashtra chief minister made a televised promise that the depositors will not pay for this fiasco, and his hands were tied as the code of conduct was operational. Meanwhile, the number of deaths due to this mess has risen