CM Devendra Fadnavis Announces Key Reforms in Cooperative Institutions and Housing Sector
Mumbai, May 12 – Maharashtra Chief Minister Devendra Fadnavis has announced the formation of two key committees aimed at strengthening the cooperative sector in the state. These committees will recommend amendments to the existing Cooperative Societies Act and explore measures to enhance the functioning of cooperative institutions.Speaking at a public event, Fadnavis highlighted the state's intent to allow well-performing cooperative banks to handle government accounts, a move that could offer a major financial boost to these institutions.
Focus on Cooperative Housing and Self-Redevelopment
Fadnavis noted that nearly half of Maharashtra's cooperative societies are cooperative housing societies. To support them, the state government has already implemented regulatory reforms and is actively promoting self-redevelopment initiatives. He emphasized the government's commitment to offering a range of concessions and services to housing societies opting for self-redevelopment projects.The chief minister also shed light on discussions with the National Cooperative Development Corporation (NCDC). Traditionally focused on rural areas, the NCDC may soon expand its role to support urban housing projects. “Once the NCDC secures an exemption for funding self-redevelopment initiatives, it will enable society owners to access finance at concessional rates,” Fadnavis explained.
Global Praise for Maharashtra’s Cooperative Model
Fadnavis underlined the global appreciation for Maharashtra’s cooperative framework, stating that the World Bank recently acknowledged the robust performance of the state's primary agricultural cooperative societies.These developments signal a transformative phase for Maharashtra’s cooperative ecosystem, particularly in housing and rural finance, with a push towards sustainability, autonomy, and financial inclusion.
