The highly anticipated Sahakar Setu 2024, the West India Urban Co-operative Banking Summit, is taking place today on September 26 in Gandhinagar, Gujarat. Jointly organized by the National Urban Co-operative Finance and Development Corporation (NUCFDC) and the Gujarat Urban Cooperative Banks Federation (GUCBF), the summit aims to act as a catalyst for change in India’s Urban Cooperative Banking (UCB) sector.
With over 500 participants expected, including policymakers, regulators, academicians, and industry leaders, the one-day summit will focus on driving innovation and collaboration in urban cooperative banking. The event, themed “Technology for Transparency and Transformative Growth,” will emphasize how digital technologies can enhance transparency and contribute to the sector’s sustainable growth.
Digital transformation has already reshaped many aspects of India’s financial landscape, and UCBs are no exception. By adopting cutting-edge technology, UCBs can improve operational efficiencies, build trust, and deliver greater value to stakeholders. The summit will explore how these banks can better leverage technology to foster an inclusive and resilient financial ecosystem.
The inaugural session will be graced by Gujarat’s Chief Minister Bhupendra Patel and Cooperation Minister Jagdish Vishwakarma, who will speak on the theme of “Responsible Banking for Sustained Growth and Development.” They will be joined by key figures such as M Rajeshwar Rao, Deputy Governor of the Reserve Bank of India, and Dr. Ashish Kumar Bhutani, Secretary of the Ministry of Cooperation.
Jyotindra Mehta, Chairman of both NUCFDC and GUCBF, will also address the gathering. “The western states, particularly Maharashtra and Gujarat, are leading the cooperative movement in India. However, there is still untapped potential in terms of technological integration, particularly among smaller UCBs. The summit will help chart a path forward for these institutions to foster inclusive and resilient growth,” Mehta said in a pre-event statement.
With many urban cooperative banks already modernizing their operations, the summit will also aim to bring the entire ecosystem together, encouraging smaller banks to adopt technological advancements. J V Shah, CEO of GUCBF, emphasized the vital role UCBs play in supporting local communities, stating, “UCBs are at the heart of local economies. Their customer-focused, localized approach allows them to meet the needs of underserved segments efficiently. However, to remain competitive, UCBs must embrace digital solutions to enhance transparency and customer service.”
The summit will feature multiple panel discussions and keynote addresses, covering a wide range of topics from financial inclusion to responsible banking practices. Leaders who have made notable contributions to the cooperative sector will be honored for advancing these practices. Networking sessions and idea exchanges will provide further opportunities for collaboration, ensuring that UCBs are well-equipped to increase their market share in the digital banking world.
Sahakar Setu 2024 promises to encapsulate the essence of innovation, collaboration, and foresight, serving as a platform to celebrate and propel the contributions of UCBs towards a more inclusive and transparent financial future.