Union Home Minister Amit Shah yesterday attended the Diamond Jubilee Celebrations of National Federation of State Co-operative Banks Limited (NAFSCOB) and national meeting of Rural Cooperative Banks at Bharat Mandapam in New Delhi. He said that India is moving from Sahakar Se Samriddhi’ to ‘Samriddhi Se Sampoornata’ under PM Modi. Praising achievements of the first 100 days of the third term of PM Modi. The main objective was to spread the message that Govt. aims to open district cooperative banks in 80 percent districts in the next 5 years. He said that India is expected to be the third largest economy in the World by 2027. He also said that along with this, the objective of the Ministry of Cooperation is to also take care of the happiness of 140 crore people of the country and thus, few strategic plans are made.
Shah said that we should establish a goal to raise the deposits, which currently amount to Rs 2,42,000 crore in State Cooperative Banks and Rs. 4,33,000 crore in District Cooperative Banks. According to Shri Shah, the only way forward is “Cooperation. Among Cooperatives,” which means that if the District Cooperative Bank receives the bank accounts of all cooperative bodies, low-cost deposits will automatically rise by 20%. As low-cost deposits rise, so will profits and the ability to provide loans. Shah said that if the bank accounts of all the District Cooperative Banks and the State Cooperative Banks, low cost deposits increase, the profit will also increase automatically and the capacity to give loans will also increase. The best example of the White Revolution has been successful in India through Amul thus, proving the prime role of Cooperative Banks.
The cooperative sector has the potential to propel the nation’s economy, according to the Union Home Minister and Cooperation Minister. He said that cooperatives are the only way to give the 140 crore people living in the country jobs, respect, and wealth. According to Shri Shah, the Ministry of Cooperation’s sensitivity will not provide the intended outcomes if stated.
He added that Prime Minister Modi established the Ministry of Cooperation in 2021 to bring Mahatma Gandhi’s ideals of Gramin Swaraj (rural self-rule) and Ramrajya to fruition. According to him, Prime Minister Shri Narendra Modi’s third term is a “MOMENT” for everyone involved in the cooperative sector, and they must lead on from now onwards, working for all betterment.
