Press Information Bureau

Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate the corporate office of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai on January 24 during an important event. On this occasion, several key initiatives in the cooperative sector will be launched to further strengthen Prime Minister Shri Narendra Modi's vision of "Sehkar Se Samriddhi”. Shri Amit Shah will also release the annual calendar of activities for the International Year of Cooperatives 2025, launch training programs for 10,000 newly formed multipurpose cooperative societies across the country, and introduce a ranking framework for primary cooperative societies.

The Reserve Bank of India (RBI), under the leadership of Prime Minister Shri Narendra Modi and the vision and untiring efforts of the Union Home Minister and Minister of Cooperation Shri Amit Shah the Government has approved setting up of an Umbrella Organisation (UO), namely, National Urban Cooperative Finance and Development Corporation (NUCFDC) to address the difficulties being faced by urban cooperative banks in their business. This will help about 1,500 Urban Cooperative Banks (UCBs) with the necessary IT infrastructure and operations. According to the RBI's approval, the umbrella organisation will function as a self-regulatory organisation, with functions and activities to be determined by the RBI, after receiving a paid-up capital of ₹300 crore. The umbrella organization was directed by RBI to obtain paid-up capital not later than one year from the date of registration i.e. by 8th February, 2025.

The release of a list of annual activities of the International Year of Cooperatives 2025 will give a new dimension to the cooperative movement. Through these activities, the participation of cooperative organizations across the country will be increased and cooperatives will be strengthened at the global level.

The Co-operative Year activities will help to realize the importance of co-operation on a global scale. This will lead to exchange of experience and best practices among different countries, which will further strengthen cooperatives in India. It will be a catalyst for achieving the goals of rural development, employment generation, and economic growth through cooperatives. At the same time, it will help in empowering the local communities and their socio-economic development.

Union Home Minister and Minister of Cooperation, Shri Amit Shah will launch the training programme of 10,000 newly formed Multipurpose Cooperative Societies, which will enhance the efficiency of these societies by empowering them with necessary competencies. Under this, special training will be provided to cooperatives on modern management, financial planning, digitization, and good governance. A total of 1,135 training programmes will be conducted for 11,352 Multi-Purpose Cooperative Societies (MPACS). Training of 50 participants in each programme is targeted to train a total of 56,760 people. The training will cover 33 states and union territories, assisted by 43 master trainers.

Shri Amit Shah will also launch the Ranking Framework for Primary Cooperatives, which will provide a dedicated system for performance evaluation of cooperatives. This ranking framework will help the committees to increase transparency, efficiency, and effectiveness, thereby enhancing their credibility and competitiveness. This ranking framework provides a platform for gap identification, evaluation, decision-making system towards making primary cooperatives efficient and transparent. At the same time, Shri Shah will felicitate the top performing and functioning cooperatives in key sectors in the Ministry of Cooperation and various States and Union Territories.

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RK/VV/ASH/PS