Latest news with #IRMA
Yahoo
2 days ago
- Business
- Yahoo
Amid court battle, lawmakers look to push back ‘swipe fees' ban
SPRINGFIELD – Illinois lawmakers have decided to delay a ban on 'swipe fees' for another year as bankers are locked in a court battle with the state over the ban. Lawmakers passed the Interchange Fee Prohibition Act last spring as part of the legislative package that enacted the state budget. It prohibits financial institutions from charging fees on the tax and tip portions of credit and debit card transactions. The rest of the transaction, including the price of goods or services, would still be subject to the fees. The ban was supposed to take effect on July 1, but lawmakers voted with strong bipartisan majorities Sunday morning to pass House Bill 742 to push the ban back until July 2026. Banking groups filed a lawsuit last August challenging the law on the grounds it superseded federal banking regulations. Bankers argued the law forces banks and credit card companies to implement costly new computer systems to differentiate between the transaction, tax and tip, and contended they can't comply with the law by July 1. A federal judge issued a preliminary injunction in December preventing the law, once it takes effect, from applying to federally chartered banks while declining to extend the injunction to state banks and credit card companies. In February, the judge declined to extend the injunction to credit unions, though it was extended to out-of-state banks that operate in Illinois. The case has remained unresolved in the courts since then, leading lawmakers to push back the start of the ban. The measure pushing back the effective date still needs approval from Gov. JB Pritzker. Banking groups supported the delay and continued their messaging campaign against the underlying legislation that passed a year ago. 'This law will cause widespread economic disruption, and mounting evidence shows that the measure overwhelmingly benefits corporate megastores while placing an undue financial burden on small businesses and smaller financial institutions that form the backbone of our local economies,' Illinois Bankers Association Executive Vice President Ben Jackson said in a statement. The ban was a request of the Illinois Retail Merchants Association as part of a deal during budget negotiations last spring. State lawmakers capped a monthly sales tax deduction claimed by retailers at $1,000 to generate $101 million to fill a budget hole. In exchange, lawmakers passed the ban on swipe fees. IRMA said in a statement it was disappointed lawmakers have decided to delay the ban. 'By refusing to require compliance as originally intended, legislators are again taking hundreds of millions of dollars out of the pockets of working families and Main Street businesses and giving it to big banks, credit card companies and credit card processors,' IRMA CEO Rob Karr said in a statement. However, other business groups such as the Illinois Chamber of Commerce said lawmakers made the right decision and urged the legislature to fully repeal the law. Capitol News Illinois is a nonprofit, nonpartisan news service that distributes state government coverage to hundreds of news outlets statewide. It is funded primarily by the Illinois Press Foundation and the Robert R. McCormick Foundation. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hindustan Times
17-05-2025
- Business
- Hindustan Times
Indian Cooperative Sector gets a new lease with the 'Tribhuvan' Sahkari University
In a move that marks a watershed moment for India's co-operative movement, the 'Tribhuvan' Sahkari University Act, 2025, has been passed by both Houses of Parliament and received Presidential assent. The Act officially transforms the renowned Institute of Rural Management Anand (IRMA) into the 'Tribhuvan' Sahkari University – the country's first University dedicated exclusively to co-operative education, training and research. Named in honour of Padma Bhushan Shri Tribhuvandas Kishibhai Patel, a freedom fighter and pioneering co-operative leader, the University carries forward a legacy deeply entwined with India's rural resurgence and the nation's freedom struggle. Shri Tribhuvandas Patel was inspired by Sardar Shri Vallabhbhai Patel, the chief architect of national integration. While Sardar Patel envisioned empowered villages as the bedrock of a strong India, Tribhuvandas took that dream forward on the ground. In 1946, under his leadership, the Kaira District Co-operative Milk Producers' Union was founded - a modest effort that would, with the arrival of a young technocrat named Dr. Verghese Kurien, grow into Amul, India's most iconic dairy brand and a global symbol of co-operative success. Their partnership laid the foundation for the White Revolution, making India the world's largest milk producer and establishing a self-reliant, farmer-owned dairy ecosystem that transformed millions of rural lives. The establishment of the 'Tribhuvan' Sahkari University builds directly on this extraordinary legacy. Located in Anand, Gujarat - the very cradle of India's co-operative renaissance - the University will function as an institution of national importance, tasked with elevating co-operative education to global standards. The University will continue to house IRMA as a Centre of Excellence for Rural Management, preserving its identity and autonomy while expanding its mandate under the new Act. The transformation of IRMA into the 'Tribhuvan' Sahkari University represents a historical continuum - from the village-level co-operatives envisioned by Sardar Patel, built by Tribhuvandas Patel, and professionalised under the leadership of Dr. Kurien - to a national institution poised to lead the future of co-operative education and innovation. Guided by the vision of Sahkar Se Samriddhi (Prosperity through Co-operation), the University will offer advanced degree programmes, distance learning, short-term certifications and e-learning certifications tailored for the co-operative sector. It will develop Centres of Excellence in key areas like dairy, fisheries, finance, housing and agri-business, and will also facilitate policy research, consultancy and grassroots innovation. It will act as the apex body for standardising co-operative education and training. The University will include a network of Councils and Boards, ensuring dynamic governance and academic rigour. Importantly, the university will also encourage international collaborations and admit foreign students, providing a platform for global exchange in co-operative thought and practice. Over its 45-year history, IRMA has played a critical role in nurturing leaders for rural development and co-operative sectors. The new University now invites a wider community - youth, scholars, policymakers, and practitioners - to contribute to and benefit from this evolving mission. This is not just the founding of a University; it is the institutionalisation of a movement. The 'Tribhuvan' Sahkari University embodies the ideals of inclusive growth, people-led development, and nation-building through co-operation. It stands as a tribute to the unifying philosophy of Sardar Vallabhbhai Patel, the visionary leadership of Tribhuvandas Patel, and the transformative impact of Dr. Verghese Kurien, the three architects of India's rural and co-operative empowerment. Note to readers: This article is part of HT's paid consumer connect initiative and is independently created by the brand. HT assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently. Want to get your story featured as above? click here!
Business Standard
07-05-2025
- Business
- Business Standard
Indian Cooperative Sector gets a new lease with the "Tribhuvan" Sahkari University
PNN New Delhi [India], May 7: In a move that marks a watershed moment for India's co-operative movement, the "Tribhuvan" Sahkari University Act, 2025, has been passed by both Houses of Parliament and received Presidential assent. The Act officially transforms the renowned Institute of Rural Management Anand (IRMA) into the "Tribhuvan" Sahkari University - the country's first University dedicated exclusively to co-operative education, training and research. Named in honour of Padma Bhushan Tribhuvandas Kishibhai Patel, a freedom fighter and pioneering co-operative leader, the University carries forward a legacy deeply entwined with India's rural resurgence and the nation's freedom struggle. Tribhuvandas Patel was inspired by Sardar Vallabhbhai Patel, the chief architect of national integration. While Sardar Patel envisioned empowered villages as the bedrock of a strong India, Tribhuvandas took that dream forward on the ground. In 1946, under his leadership, the Kaira District Co-operative Milk Producers' Union was founded - a modest effort that would, with the arrival of a young technocrat named Dr. Verghese Kurien, grow into Amul, India's most iconic dairy brand and a global symbol of co-operative success. Their partnership laid the foundation for the White Revolution, making India the world's largest milk producer and establishing a self-reliant, farmer-owned dairy ecosystem that transformed millions of rural lives. The establishment of the "Tribhuvan" Sahkari University builds directly on this extraordinary legacy. Located in Anand, Gujarat - the very cradle of India's co-operative renaissance - the University will function as an institution of national importance, tasked with elevating co-operative education to global standards. The University will continue to house IRMA as a Centre of Excellence for Rural Management, preserving its identity and autonomy while expanding its mandate under the new Act. The transformation of IRMA into the "Tribhuvan" Sahkari University represents a historical continuum - from the village-level co-operatives envisioned by Sardar Patel, built by Tribhuvandas Patel, and professionalised under the leadership of Dr. Kurien - to a national institution poised to lead the future of co-operative education and innovation. Guided by the vision of Sahkar Se Samriddhi (Prosperity through Co-operation), the University will offer advanced degree programmes, distance learning, short-term certifications and e-learning certifications tailored for the co-operative sector. It will develop Centres of Excellence in key areas like dairy, fisheries, finance, housing and agri-business, and will also facilitate policy research, consultancy and grassroots innovation. It will act as the apex body for standardising co-operative education and training. The University will include a network of Councils and Boards, ensuring dynamic governance and academic rigour. Importantly, the university will also encourage international collaborations and admit foreign students, providing a platform for global exchange in co-operative thought and practice. Over its 45-year history, IRMA has played a critical role in nurturing leaders for rural development and the co-operative sectors. The new University now invites a wider community - youth, scholars, policymakers, and practitioners - to contribute to and benefit from this evolving mission. This is not just the founding of a University; it is the institutionalisation of a movement. The "Tribhuvan" Sahkari University embodies the ideals of inclusive growth, people-led development, and nation-building through co-operation. It stands as a tribute to the unifying philosophy of Sardar Vallabhbhai Patel, the visionary leadership of Tribhuvandas Patel, and the transformative impact of Dr. Verghese Kurien, the three architects of India's rural and co-operative empowerment. Dr. Umakant Dash, Director, IRMA
Time of India
26-04-2025
- Business
- Time of India
Dusty Roads To Fast Lanes: How Car Plant Wheeled In Change
Ahmedabad/Vadodara: Two independent studies by the Institute of Rural Management Studies (IRMA), Anand, and the Indian Institute of Management, Ahmedabad (IIM-A) revealed a sweeping change in the once backward Becharaji-Mandal region . The economic impact of Japanese car behemoth Suzuki Motors Gujarat (SMG) alone was a staggering Rs 2.26 lakh crore. Since 2014, the cumulative investment by SMG, TDSG (India's first lithium-ion battery manufacturer), and auto ancillary units in the region was Rs 61,000 crore, sources said. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad The micro village-to-village IRMA study revealed that close to 2 lakh people socially and economically benefited within a radius of 30km of the plant due to a massive spurt in construction, hotels, catering businesses, restaurants, travel, retail, housing, and educational activities. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like News For Jack Nicholson, 87, He Has Been Confirmed To Be... Reportingly Undo In the on-field study that spanned 10 months, IRMA found a seven-fold rise in shops and commercial units in the region that covers Mehsana, Ahmedabad, and Surendranagar districts, with a population of 45,517. IRMA Professor Hippu Salk Kristle Nathan said the study covered 18 villages in the three districts, which are directly or indirectly impacted, and the overall 323 villages located within a 30-km radius of the plant. Before 2017, when the Becharaji plant was established, there were 622 shops and commercial units in the region, which have now increased to 4,254 in the villages, the highway, and the market area in the plant vicinity. The number of rickshaws, mostly driven by locals and migrants, shot up to 419 from 57. The study deployed 'HEALS' – health, education, assets, livelihood, and standard of living – framework to analyse the data collected from the population. Lifeless farms now lively hotels Ahmedabad: With economic activities spiralling in the region, the North Gujarat belt has generated entrepreneurial activities. During the survey, IRMA documented a new business venture of creating and renting out parking space for trucks. Similarly, villagers are now renting out their space to build dormitories and earning through rents. "We came across a scrap dealer, Himmat Chavda, in Mera village whose earnings increased from Rs 5,000 per month to Rs 45,000 per month. Similarly, a home-based food and snacks enterprise owner, Amit Prajapati, in Shankhalpur saw a four-fold rise in its income from Rs 10,000 to Rs 40,000 per month," said Nathan. Eerie nights now dazzle with business Ahmedabad: The macro study by IIMA, which also used the World Bank-approved luminosity analysis, shows an estimated 7,54,510 direct employment opportunities created by SMG. "The overall economic impact covering the value generated through manufacturing, supply chain activities, ancillary industries, and improved livelihoods is pegged at Rs 2.26 lakh crore. To independently validate the growth, the IIMA used luminosity analysis that links night-time light intensity to economic activity, which showed a 775% increase in night-time brightness around the Hansalpur facility over the past decade, indicating sustained industrial growth. "Industries are the key drivers of economic growth. Establishing the Suzuki factory in the Mandal-Becharaji region was one such driver. The region metamorphosed from a sleepy village to an industrial hub of Gujarat, with the factory being the growth fulcrum. A large number of interviews we conducted confirmed the impact at an individual level as well," said Dr Amit Karna of IIMA.
