Last Updated:

Amit Shah Asserts 'Symmetric Expansion Of Co-operatives Is Necessary For Us To Sustain'

Speaking at the day-long conclave, Amit Shah stressed the importance of Co-operative banks and the urgent need to reinvent them for the system to sustain.

Amit Shah

Image: ANI

Union Home Minister Amit Shah, on June 23, emphasised the need for Co-operatives for the welfare of people. Addressing a day-long conclave organised to discuss various issues of Scheduled and Multi-State Urban Co-operative Banks and Credit Societies, Home Minister Amit Shah spoke on the importance of symmetric expansion of Co-operatives. This, the Union Minister said, was essential to sustain the competition. 

"It's important that we do symmetric expansion of cooperatives, that's how we can sustain ourselves amid competition. Co-operative banks regularly lend loans to the common populace for their various needs," Amit Shah said at the event on Urban Cooperative Banks.

Speaking as the Chief Guest at the National Conclave, the Home Minister spoke on the future role of the urban Cooperative credit sector, and emphasised the role of Cooperative banks and the dire need to take them forward to the common section due to their simplicity in issuing loans. The Minister averred that through co-operative banks, people in the urban sector can enhance their chances of providing better education to their children, as well as secure car loans and home loans.

'Under Modi Govt, Cooperative Banks will not be treated as second grade': Amit Shah

Amit Shah mentioned that he knew three big businessmen who secured their first loan of Rs 5 lakh through Cooperative banks and further said that it was the government and Cooperatives' responsibility to provide such chances to anyone who was willing to take a loan. Furthermore, he assured that under the Modi government, Cooperative banks will not be treated as second grade and no injustice will be done to them, however, they have to be prepared for changes if they wish to be in competition. 

The Home Minister stressed the need for a fair recruitment process in the sector, and stated that many government schemes are under process. The Minister also apprised that new opportunities were the requirement for adding new people into the system. He also reiterated the need to enhance the performance of Co-operatives in the next 100 years and to prove their importance and relevance to the current generation. 

At the conclave, the Home Minister also felicitated Co-operative banks that have completed 100 years of service. There are 197 such banks. The conclave is expected to enhance Prime Minister Narendra Modi’s vision of ‘Sahakar se Samriddhi’ (prosperity through Cooperatives).

Minister of State Corporation B.L Verma, and senior officials from the ministry of the corporation were also in attendance during the inaugural session of the conclave.

(With inputs from ANI)

Image: ANI

First Published: