New Delhi: Union Home and Cooperation Minister Amit Shah announced on Monday that an urban cooperative bank will be established in all cities with a population of more than two lakh.
Inaugurating the Cooperative Kumbh 2025 (CoopKumbh 2025), an international conference on the Urban Cooperative Credit Sector, HM Shah said, “Urban cooperative banks will have to come forward for the empowerment of the aspirational youth and lower-class people of this country.”
“Our goal is to strengthen cooperation as well as to advance the weaker sections of society,” said the Home Minister, according to a post on his X account.
He also called upon Urban Cooperative Banks to provide assistance to small traders, the middle class, local entrepreneurs, and aspiring youth engaged in self-employment.
The National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB) and urban organisations should issue a moral guideline on the basis of which each urban cooperative bank should redesign its finance framework, he said.
HM Shah said that to connect the young generation with cooperation, the Tribhuvan Cooperative University has been established, which will prepare professionals for the cooperative sector.
It will prepare a generation that will take the cooperative sector to new heights by 2047, he said.
HM Shah also praised Amul is advancing the White Revolution. “Amul collects 30 million litres of milk across the country. IFFCO has become a pillar of the country’s Green Revolution by producing 9.3 million tonnes of urea and DAP. Today, IFFCO’s nano DAP and urea are exported to more than 40 countries like Brazil, America, Oman and Jordan,” he said.
The two-day event, themed ‘Digitising Dreams – Empowering Communities’, aims to strengthen the cooperative foundation for financial inclusion and drive innovation in the cooperative banking landscape.
The conference is being organised by the NAFCUB under the aegis of the Ministry of Cooperation. It is a key platform designed to foster collaboration among policymakers, regulators, cooperative leaders, financial institutions, and technology innovators from across India and abroad.
Highlighting the significance of the event, NAFCUB President Laxmi Dass stated that the conference will deliberate on a wide range of issues, including digital transformation, governance reforms, and the empowerment of women and youth leadership in the cooperative sector.
He emphasised that CoopKumbh 2025 seeks to empower communities through dialogue, innovation, and a shared vision, ensuring that the cooperative model continues to play a pivotal role in India’s inclusive growth story.
The conference will also witness 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)
