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Only Cooperatives can lift smallest section of society: HM

Published: Jun 24, 2022

By TIOLCorplaws News Service

NEW DELHI, JUNE 24, 2022: UNION Minister for Home and Cooperation, Amit Shah, addressed the National Convention of Scheduled and Multi-State Urban Co-operative Banks and Credit Societies organized by the Ministry of Cooperation and NAFCUB, in New Delhi yesterday. On this occasion Minister of State for Cooperation B.L. Verma, senior officers of the Ministry of Cooperation, Chairman, National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB), Jyotindra Mehta and many other dignitaries were present.

In his address, Mr Shah said that the country is celebrating AzadiKa Amrit Mahotsav this year. Prime Minister Narendra Modi has set a goal before the nation that when the nation celebrates the Centenary of Independence after 25 years, at that time India should be the best in all fields. This can be possible only when there is participation and co-operation of everyone in this process and people from all walks of life set and achieve their own goals in 25 years. The biggest goal before us is the development of the country, to take the country's economy to the top of the global economy and all the citizens should be able to live their life with equal rights.

The Union Cooperation Minister said some people look at Cooperatives from a different point of view and consider them obsolete, out of date and irrelevant. But I want to say take a look at the models of Amul, KRIBHCO, IFFCO and Lijjat Papad. Take a look at more than 195 Cooperative banks which are more than a hundred years old and you will know that they are equally relevant today. Shah said that a hundred years is a very long period and the Cooperativesin the country have completed this journey with great success, but the journey of the next 100 years will have to be completed by contributing to the development of the country with great pride and accomplishment. For the next hundred years, the scope and acceptance of Cooperatives has to be increased and on the basis of their actions, those who consider Cooperatives to be irrelevant will have to be explained not on the basis of theory but on the basis of their performance and this is the responsibility of all of us.

Amit Shah said that only Urban State Cooperative Banks can give loans to the smallest section of society and upliftment of that section and making them participants in the process of development and a stakeholder in the country's economy can be done only by cooperatives. He said that today when ordinary people want loans for small things of everyday life, they look towards Cooperative banks. This is very important for all- inclusive development and it is the responsibility of both society i.e. Cooperatives and government to empower the people who have not been financially empowered. There can be no better way to do empowerment than through Urban Cooperative banks and Urban Cooperative credit societies. He said that 10,000 branches, deposits of Rs 5 lakh crore, advances of Rs 3 lakh crore are good figures, but the share of Cooperatives in the banking sector also needs to be introspected upon. In the banking sector, Urban Cooperative banks account for only 3.25percen in terms of deposits and 2.69 percent in advances. We should not be satisfied with it and should resolve to expand it. The Union Cooperation Minister said that I assure you that under the leadership of Narendra Modi, the Government of India will treat you equally and you will not be treated like second grade citizens.