Gujarat’s ‘Cooperation Among Cooperatives’ Initiative Led by CM Bhupendra Patel and PM Narendra Modi
Gujarat has successfully piloted the ‘Cooperation Among Cooperatives’ initiative in Banaskantha and Panchmahal districts under the leadership of Chief Minister Bhupendra Patel. This initiative, envisioned by Union Home & Cooperation Minister Amit Shah, resulted in over 4 lakh new accounts and a Rs. 966 crore increase in deposits.
Significance of the Initiative
The initiative aims to enhance cooperation among Gujarat’s cooperative societies by centralizing their bank accounts and deposits under District and State Cooperative Banks. This consolidation helps in pooling collective capital, increasing financial liquidity, and addressing credit needs.
Expansion Across Gujarat
Minister of Cooperation, Jagdish Vishwakarma, highlighted the importance of a strong cooperative sector for a developed and self-reliant Gujarat. Following the successful pilot, the initiative will be implemented across all 33 districts of Gujarat, extending services to village levels and ensuring funds stay within the community.
Successful Pilot Run
Between June 2023 and January 2024, the pilot in Banaskantha and Panchmahal saw the consolidation of accounts from 1048 Milk Societies into District Central Co-operative Banks. Over 4.7 lakh new savings accounts were opened, increasing deposits by Rs. 966 crore. Additionally, 3.32 lakh RuPay debit cards were issued, and 1736 societies were equipped with micro-ATMs.
To improve access to financial services, 1631 cooperative society employees received training on digital transactions, including micro-ATM operations.
Doubts Revealed
Cooperation Among Cooperatives -: This is a program where different cooperative banks work together to help each other. It makes it easier for people to get loans and manage their money.
CM Bhupendra Patel -: He is the Chief Minister of Gujarat, which means he is the head of the government in the state of Gujarat.
PM Narendra Modi -: He is the Prime Minister of India, which means he is the head of the government for the whole country.
Banaskantha and Panchmahal -: These are two districts in the state of Gujarat. A district is like a big area that includes many towns and villages.
Union Home & Cooperation Minister Amit Shah -: He is a minister in the Indian government responsible for internal security and cooperation among different states and organizations.
4 lakh new accounts -: A lakh is a unit in the Indian number system equal to 100,000. So, 4 lakh means 400,000 new bank accounts were created.
Rs. 966 crore -: A crore is another unit in the Indian number system equal to 10 million. So, Rs. 966 crore means 9.66 billion rupees were added in deposits.
Financial liquidity -: This means having enough money available to use easily. It helps people and businesses to pay for things quickly.
Credit access -: This means how easily people can get loans or borrow money from banks.
Minister Jagdish Vishwakarma -: He is another minister in the Gujarat government who helps with planning and expanding programs like this one.
33 districts of Gujarat -: Gujarat is divided into 33 large areas called districts, each with its own local government.
