The Union Minister for Home Affairs and Cooperation, Shri Amit Shah will be the Chief Guest in New Delhi tomorrow at the National Conclave of Scheduled & Multi-State Urban Co-operative Banks and Credit Societies on “Future Role of Urban Cooperative Credit Sector”. The Conclave will further strengthen the Prime Minister Shri Narendra Modi’s vision of “Sahakar Se Samriddhi” (Prosperity through Co-operatives).

The business sessions of the Conclave will include discussions on various issues related to Scheduled & Multi-State Urban Co-operative Banks and Credit Societies and the Cooperative Credit Sector such as future role of Urban Cooperative Banks and recommendations of the Reserve Bank of India’s (RBI’s) Expert Committee, national cooperative finance and development cooperation as a game changer as an umbrella organization for the Urban Cooperative sector, the Banking Regulation (Amendment) Act, 2020 and its impact and developments, the role of credit societies in the financial sector scenario with special reference to Multi-state societies and the issue of regulation and taxation of cooperative credit societies.

The Conclave will also felicitate Urban Cooperative Banks that have completed 100 years of service to society. There are 197 such banks in the country. This gives an indication of the deep roots of cooperatives and cooperative banks in the country. Many of the banks are expected to be present at the Conclave to be honoured by dignitaries.

Urban Cooperative Banks are among the oldest banking institutions in the country. They have been in existence for well over a century. They are banks organised and managed by a cross section of people from society that could include teachers, lawyers, traders, doctors, engineers, social workers and others for providing banking services to their members.

The Minister of State for Cooperation, Shri B.L. Verma, , senior officials from the Ministry of Cooperation, the Chairman Emeritus of the National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB) Dr. H.K. Patil, the President of NAFCUB Shri Jyotindra Mehta and the Vice President of NAFCUB Shri V.V. Anaskar will also be amongst those who will be present during the inaugural  session of the Conclave.

NW/RK/AY/RR