Under the leadership of Prime Minister Narendra Modi, cooperatives will pave the way for employment and prosperity for agriculture and rural areas in the coming days
Under the leadership of PM Modi, the double-engine government of Maharashtra will make the state a hub of cooperatives in a true sense
Celebrating the Year of Cooperatives in India will significantly expand cooperatives across the country
During the International Year of Cooperatives, efforts will be made to increase the reach of cooperatives and to connect every person with cooperatives
Under the leadership of PM Modi, the cooperative sector of India is moving forward with the principles of social harmony, equality and inclusiveness
The cooperative sector running on the principle of ‘Cooperation Amongst Cooperatives’ will be economically self-reliant across the country
The ‘umbrella organization’ will integrate activities like digital banking, mobile banking, online transactions and trade with foreign countries with the Urban Cooperative Bank
Soon, all cooperative banks will be equipped with the services of regular banks, which will lead to the development of cooperative banking
MUMBAI, JANUARY 24, 2025: Union Home Minister and Minister of Cooperation Shri Amit Shah today addressed the inaugural function of International Year of Cooperatives 2025 in Mumbai, Maharashtra. Shri Amit Shah also inaugurated the corporate office of the National Urban Cooperative Finance and Development Corporation (NUCFDC). On this occasion, Minister of State for Cooperation Shri Murlidhar Mohol, Maharashtra Deputy Chief Ministers Shri Eknath Shinde and Shri Ajit Pawar, along with the Secretary of the Ministry of Cooperation, Dr. Ashish Kumar Bhutani, and several other dignitaries were present.
In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that Prime Minister Shri Narendra Modi recently inaugurated the International Year of Cooperatives 2025. He mentioned that the Ministry of Cooperation has outlined a 12-month program to celebrate the Year of Cooperatives in India, which is being inaugurated today. He said that India will celebrate the Year of Cooperatives in a way that will significantly advance the cooperative movement across the country. He emphasized that during the International Year of Cooperatives, efforts will be made to expand the cooperative sector, bring transparency within it, strengthen cooperative institutions, increase the reach of cooperatives to new areas, and connect every individual in India to some form of cooperation.
Shri Shah stated that by December 31, 2025, when the UN International Year of Cooperatives concludes, the growth of India’s cooperative movement will be both symmetric and inclusive, and the goal of “Sahkar Se Samriddhi” will be largely achieved. He further noted that the cooperative sector will play a significant role in achieving the two major goals set by Prime Minister Shri Narendra Modi: becoming the third-largest economic power in the world and transforming into a fully developed nation by 2047. He added that the cooperative sector will advance on the principles of social harmony, equality, and inclusivity.
The Union Home Minister and Minister of Cooperation said that the virtual inauguration of the umbrella organization for cooperative banks, the National Urban Cooperative Finance and Development Corporation (NUCFDC), took place today. He stated that this organization will provide multidimensional benefits to the urban cooperative sector. He added that within the next three years, all our scheduled cooperative banks will be equipped with services equivalent to those offered by national and private banks, which will significantly expand the scope of their services. Along with this, the focus will also be on better utilization of resources, improving banking processes, and unifying the accounting systems of all cooperative banks. Shri Shah mentioned that India currently has a total of 1,465 urban cooperative banks, nearly half of which are located in Gujarat and Maharashtra. The country also has 49 scheduled banks and over 8.25 lakh cooperative institutions.
Union Minister of Cooperation stated that in the coming days, the principle of ‘Cooperation Amongst Cooperatives’ will be implemented across the nation. The ‘umbrella organization’ will do the work of integrating activities like digital banking, mobile banking, online transactions and trade with foreign countries with the Urban Cooperative Bank. All transactions and financial activities of cooperative institutions will be conducted exclusively through cooperative banks. Shri Shah emphasized that once the principle of Cooperation Amongst Cooperatives is effectively grounded in all states, it will lead to significant success, enabling the cooperative sector to achieve economic self-reliance.
Shri Amit Shah stated that the Modi government has resolved several issues concerning urban cooperative banks with the Reserve Bank of India. He mentioned that in the coming days, strengthening the umbrella organization will help increase trust and business while removing all obstacles. He also highlighted that the training program for the 10,000 M-PACS (Multipurpose Primary Agricultural Cooperative Societies) formed under the new bylaws is starting today, marking a new beginning. He further mentioned that the goal is to establish a PACS in every village panchayat across the country. To ensure the viability of PACS, model bylaws have been created, which have been accepted by all states.
Shri Shah stated that under the model bylaws, PACS can now engage in a variety of new activities. He mentioned that the Modi government has spent Rs. 2,500 crore to provide computers and software to each PACS and has made efforts to link these various activities with PACS. He emphasized that to make this initiative successful, technology must be adopted. He also said that by bringing professionalism into PACS, the entire cooperative sector can be strengthened through them.
Union Minister of Cooperation emphasized the importance of involving youth proficient in modern technology to make cooperatives self-reliant, whether in banks or PACS. He expressed confidence that the combined efforts of the ‘double engine government’ led by Prime Minister Shri Narendra Modi, along with Shri Devendra Fadnavis, Shri Eknath Shinde, and Shri Ajit Pawar, would transform Maharashtra into a true hub of cooperative excellence. He said that cooperatives can be a source of employment in every village.
Shri Amit Shah highlighted the significant support extended by the Modi government to the cooperative sector, noting that the introduction of ethanol production has boosted the profitability of sugar mills. He mentioned that to ensure better prices for sugar, Prime Minister Modi recently approved the export of 10 lakh tonnes of sugar, benefiting Maharashtra’s cooperative sugar mills the most. He further stated that the Modi government is committed to advancing the cooperative sector and has introduced a ranking system to achieve this goal. The rankings will cover seven key areas: PACS, dairy, fisheries, urban cooperative banks, housing credit societies, credit cooperatives, and Khadi Village Industries. Shri Shah explained that the ranking system is based on several parameters, including audits, activities, services, financial performance, infrastructure, and branding, collectively weighted for 100 marks. This system aims to enhance transparency and reliability, ensuring that banks can confidently provide funding to PACS based on these rankings in the future.
Union Home Minister and Minister of Cooperation stated that under the leadership of Prime Minister Narendra Modi, the government is advancing with the vision of ‘Sahkar Se Samriddhi’ (Prosperity through cooperation) and “Samriddhi se Aatmanirbharta” , which is self-reliance through prosperity. He announced the initiation of three key projects at the event: the inauguration of the International Year of Cooperative (IYC) 2025 related event calendar, the launch of the office for the umbrella organization of Urban Cooperative Banks – NUCFDC, and the first training session for 10,000 new MPACS members. Shri Amit Shah also revealed that in the upcoming budget session, the government will announce the establishment of the Tribhuvan National Cooperative University, named after the eminent cooperative leader of Gujarat, Shri Tribhuvan Das Patel. This university will focus on producing skilled professionals for various sectors. He expressed confidence that, under Prime Minister Modi’s leadership, the cooperative sector will drive employment and prosperity in agriculture, rural areas, and among the youth in the coming days.
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