NACOF asked to pay dues with interest; Registrar waives off penalty
Underlining co-op spirit, Central Registrar waives off penal interest
The Central Registrar of Cooperative Societies Vivek Aggarwal has directed NACOF to repay the principal amount along with the interest to NCDC within six months and asked NCDC to waive off the penal interest.
The matter is related to loan default, a case filed by NCDC against the Delhi based National Federation of Farmers’ Procurement, Processing and Retailing Cooperative of India (NACOF) which is currently going on in the court of Central Registrar of Cooperative Registrar, according to the delayed news coming to Indian Cooperative desk.
Daily Monitor
Tuesday February 02 2021
Summary
Policymakers in the cooperatives sector should use partnerships with relevant institutions in the market to streamline services.
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One in four adult Ugandans is a member of a cooperative, according to International Cooperative Alliance.
This is not without cause. Cooperatives play a critical role in mobilising savings, increasing credit access and facilitating activities along production and value chains.
Onen in Gulu might, on his own, struggle to access a tractor to plough his fields but as a part of a cooperative, he can access one at much better terms.
For this reason, cooperatives have grown from 13,179 in 2012 to about 23,485 in 2020, according to International Cooperative Alliance