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

(PRWEB) June 17, 2006

RNCOS Research: (http://www.marketsmonitor.com/category/FM005.html) 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:

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