Co-op banks seek tax exemption


A delegation of Bangalore-based Forum of Urban Cooperative Banks, led by CPI(M)’s Basudeb Acharia, met Mukherjee and urged him to restore the concession under Section 80P of the Income Tax and withdraw the 30 per cent tax on their profits.

The delegation pointed out that several committees of the government and the RBI were of the opinion that cooperative banks need government’s helping hand and encouragement.

Even the RBI, the Forum’s memorandum with 10,100 signatures claimed, had recently recommended that the decision of withdrawal of exemption be kept in abeyance.

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