Multi State Coop Credit Societies Should Convert Themselves In To Banks: Shah

Cooperative sector will become an important partner in Modi government's 5 trillion economy target

Minister of Cooperation Shri Amit Shah has inaugurated the office building of the Central Registrar of Cooperative Societies (CRCS) in New Delhi

FinTech BizNews Service   

Mumbai, January 20, 2024: Union Home Minister and Minister of Cooperation Shri Amit Shah has inaugurated the office building of the Central Registrar of Cooperative Societies (CRCS) in New Delhi. On this occasion, Minister of State for Cooperation Shri B.L. Verma, Secretary of the Ministry of Cooperation Shri Gyanesh Kumar, Managing Director of the National Building Construction Corporation (NBCC) and representatives of Multi-State Cooperative Federation, Multi-State Cooperative Societies and Banks from across the country were also present.

In his address, Shri Amit Shah said that office of the Central Registrar of Cooperative Societies will strengthen Prime Minister Narendra Modi's resolve of 'Sahkar Se Samriddhi’. He said that today a new era has started in the cooperative sector with new laws, new offices and a new transparent system in the Modi government. He said that after 2 years of formation of the Cooperative Ministry by Modi ji, all the changes have been made as per the 98th Amendment in the Multistate Cooperative Societies Act. He said that the Modi government has created a strong blueprint for transparent cooperation by enacting a law in 2023 to remove various types of anomalies in the operation of cooperative societies. Shri Shah added that computerization of the Central Registrar of Cooperative Societies office is already done and CRCS is also getting a new office today. Shri Shah added that CRCS office has been built on an area of approximately 1550 square meters at a cost of around Rs. 175 crore. He said that modernization and smooth arrangement of offices is necessary for better work culture. Shri Shah added that we are starting a new era after the steps taken in the last two years regarding the governance of Multi State Cooperative Societies. He said that in the journey of the last two years from July 06, 2021 till now, all the officers of the Ministry of Cooperation have done this work in a very short span of time.

The Union Minister of Cooperation said that the clear objective behind the formation of the Ministry of Cooperation by Prime Minister Narendra Modi was that the almost 125-year-old cooperative movement in the country had weakened with time, the laws had become irrelevant and the cooperative sector from top to bottom was yet to march alongside. Therefore, when we looked back after 75 years of independence, it appeared that the cooperative movement did not progress as rapidly as it should have. Shri Shah said that the cumulative effect that cooperation should have had on the rural economy of the country was not visible. He said that by ensuring a major contribution of cooperatives in the 5 trillion US dollar economy envisioned by Prime Minister Narendra Modi, we will take it into the 21st century. He said that the Ministry of Cooperation will fulfil Modi ji's vision of developed India.

mit Shah said that there will be no problem in administration, communication and transparency related to the Multistate Cooperative Societies. He said that today a book named 'Collective Prosperity: The Legacy of Indian Cooperatives' has also been released. Minister of Cooperation said that after this book is translated into Indian languages, we should make efforts to spread its spirit to Primary Agricultural Credit Societies (PACS) and all the smallest units. He said that in all the reforms brought in the cooperative sector under the leadership of Prime Minister Modi ji, all the states have risen above politics and supported the Ministry of Cooperation and at such a time there is a need to create a new confidence in the cooperative sector. Shri Shah said that this book will prove to be very useful in instilling confidence in the entire cooperative sector.

The Union Minister of Cooperation said that under the leadership of Prime Minister Shri Narendra Modi, the Ministry of Cooperation has taken 60 initiatives in the last 30 months and in the last 9 years, Modi ji has placed before us a huge role for the cooperative sector. He said that the consumers of every institution under the Multistate Cooperative Societies are more or less from the middle class, upper middle class and poor strata. He said that Modi ji has made the lives of crores of poor people of the country very simple by providing all the necessary amenities in the last 9 years. Shri Shah said that only cooperation has the potential to enable these crores of poor people to contribute to the development of the country without any capital.

Shri Amit Shah said that it is a miracle of cooperation that today 36 lakh families in Gujarat are involved in animal husbandry business and their annual turnover is Rs 60 thousand crores. He said that the cooperative sector has the potential to make all arrangements with humanity. Shri Shah said that many unprecedented works have been done in the cooperative sector in the last 2 years. He said that people used to say that people's money stuck in the Sahara Group will not be returned, but till now about 1.5 crore investors of cooperative societies of the Sahara Group have been registered and 2.5 lakh people have also got Rs 241 crore back. Shri Shah said that the new laws made for Multi State Cooperative Societies have been implemented by all in letter and spirit. He said that this is the biggest example of the fact that the cooperative sector itself wants to revive and welcomes reforms. He said that if the cooperative sector loses its credibility, then there will be no expansion and there will also be a crisis of existence.

The Union Minister of Cooperation said that IFFCO has prepared Nano DAP and Nano Urea Liquid on an experimental basis and has delivered it to the farmers in a very short span of time. He said that there is a significant need for this at this time because land conservation is very important for our produce. He said that in many villages of the country, a huge attraction is being seen towards the spraying of IFFCO's liquid urea by the drones. He said that today drones have become a new symbol of modern farming. He said when Drone Didi sprays the fields with drones through PACS today, it creates confidence among the people that the rural economy is connecting with modernity.

Amit Shah said that cooperation has progressed in every field in the country. He said that the Modi government has fixed the target of registering 2 lakh new PACSs in the country, out of which more than 12000 have been registered and we will register 2 lakh multidisciplinary PACS before time. Shri Shah added that the Multi State Cooperative Credit Societies should prepare themselves to convert into banks. He said that 10 Multi State Cooperative Societies were registered in 2020 and 102 new Multi State Cooperative Societies have been registered in 2023, there is a 10-fold increase in registration. He said that we have to speed up this transformation and should move in a direction that more and more banks become multistate and more and more multistate cooperative societies and credit societies get converted into banks.

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