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New Delhi, November 10 (IANS) Union Home and Cooperation Minister Amit Shah on Monday announced that an urban cooperative bank will be set up in all cities with a population of more than two lakh.
Inaugurating the Sahakari Kumbh 2025 (Kupkumbh 2025), an international conference on the urban cooperative credit sector, HM Shah said, “Urban cooperative banks have to come forward for the empowerment of the aspiring youth and lower class people of this country.”
According to a post on his X account, the Home Minister said, “Our aim is to strengthen cooperation as well as uplift the weaker sections of the society.”
He also called upon the urban cooperative banks to provide assistance to small traders, middle class, local entrepreneurs and interested youth engaged in self-employment.
He said, the National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB) and urban organizations should issue an ethical guideline on the basis of which every urban co-operative bank should redesign its finance structure.
HM Shah said that Tribhuvan Cooperative University has been established to connect the young generation with cooperatives, which will prepare professionals for the cooperative sector.
He said that this will create a generation that will take the cooperative sector to new heights by 2047.
HM Shah also praised Amul for taking forward the white revolution. He said, “Amul collects 30 million liters of milk across the country. IFFCO has become the pillar of the country’s green revolution by producing 9.3 million tonnes of urea and DAP. Today, IFFCO’s nano DAP and urea is exported to more than 40 countries like Brazil, USA, Oman and Jordan.”
The two-day event themed ‘Digitizing Dreams – Empowering Communities’ aims to strengthen the cooperative foundation for financial inclusion and promote innovation in the cooperative banking landscape.
The conference is being organized by NAFCUB under the aegis of Ministry of Cooperation. It is a premier platform designed to promote collaboration between policy makers, regulators, cooperative leaders, financial institutions and technology innovators from India and abroad.
Highlighting the importance of the event, NAFCUB President Lakshmi Das said the conference would deliberate on a wide range of issues including digital transformation, governance reforms and empowerment of women and youth leadership in the cooperative sector.
He emphasized that Kup Kumbh 2025 seeks to empower communities through dialogue, innovation and a shared vision, ensuring that the cooperative model continues to play a key role in India’s inclusive growth story.
The conference will also feature participation from international experts, including representatives from the World Council of Credit Unions and Greenstone Farm Credit Services, who will share insights on global best practices in cooperative finance and sustainable banking.
–IANS
RCH/UK