RNCOS Research: Indian Co-operative Banks to Oppose Tax Imposition

(PRWEB) June 13, 2006

RNCOS Research: (http://www.rncos.com/Report/FM005.htm) As the finance minister of India imposes a direct tax on co-operative banks at a rate of 33% of their incomes, the banks are set to declare an opposition. For, the Co-operative Banks Association is convinced that co-operative banks should not be treated with other banks in the same way in the issue of tax imposition.

The Agricultural Credit Co-operative Societies Act in 1904 ignited the beginning of the Indian co-operative banks. These banks were the major suppliers of services in the rural areas. There, the co-operative banks primarily finance agricultural activities including farming, livestock, milk and milk products, pottery, and personal finance. It also covers small-scale industries and self-employment activities. The urban co-operative banks provide finance in areas of industries, self-employment, small-scale sector, home finance, personal finance etc.

According to the Reserve Bank of India, the apex bank in the country, the deposits in co-operative banks increased by only a few percentages while on the other hand the loan advances and investments dropped by 2-3 % respectively during the financial year 2005-06.

RNCOS has recently published a report namely Indian Banking Sector Analysis (2006-2007) in which, the market research organization investigates and describes the co-operative banking structure in India, which comprises the urban co-operative and rural co-operative banks. The report projects that India has 1,875 urban co-operative banks and more than 1,06,921 rural co-operative institutions. At March-end 2005, the total urban co-operative banks (UCB) included 80 salary earners banks and 120 Mahila banks. And the scheduled urban co-operative banks were 55 during the same period.

On the basis of deposits in these urban co-operative banks, RNCOS makes the following segmentation:

Tags: , , , , , ,

Comments are closed.

CIGI Experts Outline Prescriptions for Cannes Summit and Beyond in Special Report on G20 Issues

Waterloo, Ont. (PRWEB) October 20, 2011 With a possible euro zone collapse and Greek insolvency likely to dominate the upcoming [...]

Pathways Home Health and Hospice Satu Johal Receives CFO of Year of the Year Award; Silicon Valley Business Journal Honoree

Sunnyvale, California (PRWEB) December 02, 2011 Satu Johal, CFO at Pathways Home Health & Hospice, received the Silicon Valley Business [...]

Latest Financial Regulation News

Working Together Towards Better Financial Regulation and Stability in Asia Image by Asian Development Bank Tellers attend to clients in [...]

European financial regulation – 4 questions to Olivier Garnier (Societe Generale)

Olivier Garnier, Chief economist at Societe Generale Group, expresses his view on European financial regulation and its reform. Video interview [...]

AMS Health Care Mortgage Corporation Provides Debt Service Savings to Hospitals Utilizing FHA 242 Mortgage Insurance Program

Jacksonville, FL (PRWEB) August 30, 2013 An oft-overlook and relatively unknown federal program for hospitals seeking capital for needed and [...]

Vermont’s Captive Insurance Industry Off to Best Start Since 2005

Montpelier, VT (PRWEB) April 16, 2012 First quarter licensure of new captive insurance companies is off to a strong start [...]