Recently, the union Minister of Cooperation informed the Lok Sabha about the National Cooperative Exports Limited.
About National Cooperative Exports Limited
- It was set up by the Ministry of Cooperation under the Multi-State Cooperative Societies (MSCS) Act, 2002.
- It will provide a complete ecosystem for the promotion of exports mainly of agri commodities for the benefit of our farmers, in which India has a comparative advantage.
- All cooperative societies from the level of primary to apex that are interested in exports are eligible to become members.
- The NCEL has provision of two kinds of members namely
- Ordinary Members: The following shall be eligible to become ordinary members of the NCEL: -
- Any multi-state co-operative society or any co-operative society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any State or UT;
- The National Co-operative Development Corporation (NCDC) established under the National Co-operative Development Corporation Act,1 962 (26 of 1962);
- Such class or classes of persons or associations of persons as may be permitted by the Central Registrar having regard to the nature and activities of the Society.
- No individual shall be eligible to become an ordinary member of the NCEL.
- Nominal or associate member: The society may, in the interest of the promotion of its business, admit any person, including cooperative banks, as a nominal member or associate member
- This society will focus on exporting the surpluses available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country.
Q1) What are District Central Co-operative Banks (DCCBs)?
It is a cooperative bank operating at the district level in various parts of India.It is established to provide banking to the rural hinterland for the agricultural sector, with the branches primarily established in rural and semi-urban areas. It provides finance to all the co-operative societies in the district, conducts activities, and provides banking services according to the provisions of the co-operative act and banking act.
Source: Functioning of NCEL