Gujarat’s New Cooperation Initiative Boosts Local Banks and Societies
Gujarat has successfully piloted the ‘Cooperation Among Cooperatives’ initiative in Banaskantha and Panchmahal districts. This initiative, led by Chief Minister Bhupendra Patel and envisioned by Union Home & Cooperation Minister Amit Shah, aims to centralize cooperative societies’ bank accounts under District and State Cooperative Banks.
Key Achievements
During the pilot period from June 2023 to January 2024, over 4 lakh new accounts were opened, resulting in a Rs. 966 crore increase in deposits. A total of 1736 societies, including Milk Societies, were equipped with micro-ATMs and affiliated as Bank Mitra.
Benefits of the Initiative
The initiative consolidates the bank accounts of cooperatives and their members, enhancing financial liquidity and addressing credit needs. This helps in pooling the collective capital of these societies, benefiting the entire cooperative sector of Gujarat.
Future Plans
Minister of Cooperation, Jagdish Vishwakarma, announced that the initiative will be expanded to all 33 districts of Gujarat. This will ensure that the capital and funds of Gujarat cooperatives stay within the community and aid other cooperative societies.
Training and Digital Transactions
Over 1631 employees associated with the Cooperative societies received comprehensive training on digital transactions, including micro-ATM operations, cash withdrawals, and deposits. Additionally, 3.32 lakh RuPay debit cards were issued to the societies and their active members.
Doubts Revealed
Cooperation Among Cooperatives -: This is a new plan where different cooperative societies work together to help each other. It makes it easier for them to manage their money and resources.
Banaskantha and Panchmahal -: These are two districts in the state of Gujarat, India. A district is like a big area that includes many towns and villages.
4 lakh -: In India, ‘lakh’ is a term used to represent 100,000. So, 4 lakh means 400,000.
Rs. 966 crore -: In India, ‘crore’ is a term used to represent 10 million. So, Rs. 966 crore means 9.66 billion rupees.
Chief Minister Bhupendra Patel -: He is the head of the government in the state of Gujarat. He helps make important decisions for the state.
Union Home & Cooperation Minister Amit Shah -: He is a senior government official in India who looks after the country’s internal security and cooperative societies.
District and State Cooperative Banks -: These are banks that are run by cooperative societies. They help people in a specific district or state with their banking needs.
33 districts of Gujarat -: Gujarat is divided into 33 large areas called districts. Each district has many towns and villages.