Jyotindra Mehta, Chairman of the Gujarat Urban Cooperative Banks Federation, said that the upcoming century will mark the era of Urban Cooperative Banks, especially with 1,480 cooperative banks operating throughout India, including Gujarat; Daily, over Rs150 crore is disbursed to milk producers in Gujarat through DBT: Jagdish Vishwakarma
Varachha Coop Bank got the first Award for CASA Deposits. On behalf of Varachha Coop Bank Chairman Bhavanbhai Navapara, Director Narendrabhai Kukadia and CEO Vitthal Dhanni were on dais, among others, to receive the award. Vitthal Dhanni and AGM Paresh Kelawala of Varachha Coop Bank took part in different panel discussions as well.
FinTech BizNews Service
Mumbai, September 26, 2024: Chief Minister Shri Bhupendra Patel has stated that this is a golden opportunity for the cooperative banking sector to grow by embracing transparency in management and leveraging technology. In this context, he emphasized that, inspired by Prime Minister Shri Narendra Modi, impactful initiatives have been introduced to ensure the sustainable growth of the cooperative banking sector, under the leadership of the country's first Cooperative Minister, Shri Amit Shah. The Chief Minister also noted that the principle of 'Sahkar Se Samriddhi' has been realized across all sectors, encompassing everything from cooperative banking to PACS. During the event, the Chief Minister inaugurated the 'Sahkar Setu-2024' mega event and the Western India Urban Cooperative Banking Summit in Gandhinagar. Minister of State for Cooperation Shri Jagadish Vishwakarma and senior leaders from the cooperative banking sector were also in attendance at this summit organized by the Gujarat Urban Cooperative Banking Federation.
The Chief Minister stated that the Prime Minister has adopted a strategy of technological transformation and transparency across all sectors to promote the economic and social upliftment of the common man as part of Viksit Bharat@2047. He also emphasized that the country’s first Cooperative Minister, Shri Amit Shah, has advocated for the banking sector to progress under the motto of 'Proudly Cooperative.' This vision, enhanced by technological advancements, aims to empower cooperative banks to provide world-class services. The Chief Minister remarked that the entire nation is witnessing a cooperative revolution during the Prime Minister's tenure. The collaboration between Shri Narendra Modi and Shri Amit Shah has led to significant advancements in Gujarat's cooperative sector, positioning it not only to meet current demands but also to stay two steps ahead of the curve.
The Chief Minister announced that the deadline for meeting the Priority Sector Lending (PSL) targets for Urban Cooperative Banks has been extended. Union Cooperation Minister Shri Amit Shah is diligently working to provide IT infrastructure and operational support to approximately 1,500 urban cooperative banks nationwide. To support this initiative, the National Urban Cooperative Finance and Development Corporation (NUCFDC) has been established as an umbrella organization dedicated to the growth of the urban cooperative banking sector. Chief Minister also conveyed pride in the fact that these banks are now achieving double profits, which is a clear indication of their progress. This success showcases the effectiveness of small banks following specific lending criteria, leading to negligible NPAs in the cooperative banking sector.
Regarding Gujarat's accomplishments in the urban cooperative sector, Minister for Cooperation Shri Jagdish Vishwakarma noted that "production by mass instead of mass production" has emerged as the hallmark of milk production and the cooperative sector in the state. Daily, over Rs150 crore is disbursed to milk producers in Gujarat through Direct Benefit Transfer (DBT). The cooperative banking network in Gujarat is vast, with urban banks demonstrating greater financial viability compared to their counterparts in other states. Currently, 1,138 branches of 211 urban cooperative banks are operational in Gujarat, holding deposits of approximately Rs84,531 crore and extending loans totalling Rs52,333 crore, yielding profits of around Rs1,300 crore. In discussing the services provided to citizens by urban cooperative banks, the Minister highlighted that these technology-driven banks offer various services, including mobile banking, UPI transactions, and net banking. He stressed that the milk producer-cooperative sector has significantly contributed to positioning India as the fifth-largest economy in the world. To strengthen the cooperative sector, double farmers' incomes, and propel India's economy to a five trillion dollar mark, we must strive to transform the nation into a Viksit Bharat, he added.
Shri Jyotindra Mehta, Chairman of the Gujarat Urban Cooperative Banks Federation, warmly welcomed everyone, sharing his vision that the upcoming century will mark the era of Urban Cooperative Banks, especially with 1,480 cooperative banks operating throughout India, including Gujarat. He underscored the importance of this sector in propelling the nation toward its becoming a Viksit Bharat. Furthermore, he provided an overview of the various sessions scheduled for the one-day summit, which will focus on technology and cyber security, featuring contributions from 60 different technology companies. The Sahkar Setu Summit, organized by the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), will include a panel discussion with experts addressing critical topics such as "Out-Smarting the Smarter: The Importance of Cyber Security in the Age of Hyper Digital Banking" and "Building the Future through Innovative and Smart Banking." Present at the summit were Gujarat Urban Cooperative Banks Federation Vice Chairman Shri Kantibhai Patel, NAFCUB President Shri Lakshmi Das, RBI CGM Smt. Scenta Joy, along with officials, leaders, employees of Gujarat Urban Cooperative Banks, and representatives from various banking technology firms.
Varachha Coop Bank got the first Award for CASA Deposits. Guatambhai Vyas, V S Das , Kantibhai Patel, Bhavanbhai Navapara, Narendrabhai Kukadia, were, among others, present at the dais to receive Awards. Vitthal Dhanni and AGM Paresh Kelawala of Varachha Coop Bank took part in different panel discussions as well.
