The Rajya Sabha on Wednesday (August 12, 2026) passed a bill to broaden the mandate of the National Cooperative Development Corporation (NCDC) to give loans and grants directly to cooperative societies in the country. Also Read: Parliament Monsoon Session Day 18The National Co-operative Development Corporation (Amendment) Bill, 2026, to amend the National Co-operative Development Corporation Act, 1962, was passed by the Lok Sabha on Tuesday (August 11). The NCDC, a statutory organisation under the Ministry of Cooperation, was established in 1963 under the National Cooperative Development Corporation Act, 1962. "Consequently, such proposals are required to be routed through State governments or co-operative societies, resulting in procedural delays and limited uptake," the statement said. The National Cooperative Development Corporation Act, 1962, was amended in 1973, 1974 and 2002.