Bank unions' Budget wishlist: Scrap tax on profits of cooperative banks

Union banking sector unions have called for the scrapping of taxes on the profits of cooperative banks. The unions argue that the tax burden on cooperative banks, which play a critical role in financing rural and small-scale businesses, is undermining their ability to support economic growth. The unions are urging the government to reconsider the tax policies that disproportionately affect cooperative banks, as these institutions are vital to the financial inclusion of underserved sectors. The unions’ call for reform is part of broader efforts to ensure the sustainability and growth of cooperative banks, which are facing increasing challenges in the current economic environment.