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Budget 2022: Cooperatives seek level playing field with commercial banks

Parity with commercial banks sought in tax treatment, and for deposits, loan products

Lending, banks, credit, loans, cash, income, wage, earning

Photo: Bloomberg

Manojit Saha Mumbai
From parity in tax treatment to being allowed to participate in central government schemes, cooperative banks are looking to the Union Budget to provide a level playing field with commercial banks.

In a pre-Budget memorandum to the government, Sahakar Bharati, a body of cooperative societies, said there were many activities that cooperative banks were not allowed to perform, like extending housing loans under Pradhan Mantri Awas Yojana (subsidised housing loan scheme) and offering deposit products under the Sukanya Samriddhi Yojana.

These lenders don’t even get refinance from agencies like the Small Industries Development Bank of India (SIDBI) and National Bank

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First Published: Jan 21 2022 | 11:08 AM IST

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