On the occasion of the International Year of Cooperatives 2025, the Union Ministry of Cooperation, the Maharashtra Cooperation Department, and NUCFDC are jointly organizing an event titled “Challenges and the Way Forward for Cooperative Banks and Credit Societies” on 24th January 2025 at NESCO, Goregaon, Mumbai. Union Home and Cooperation Minister Amit Shah will be the chief guest at the event.
During the program, the newly built office of NUCFDC at Andheri, which will serve as an umbrella organization for UCBs, will be inaugurated in the presence of NUCFDC Chairman Jyotindra Mehta and others.
The event will also feature the special presence of Union Minister of State for Cooperation Murlidhar Mohol, Maharashtra’s Deputy Chief Ministers, Eknath Shinde and Ajit Pawar, alongside prominent stakeholders from the cooperative sector. The program aims to provide a significant platform for discussing the future of cooperative banking and credit societies in India.
Speaking to Indian Cooperative, a senior official from the Maharashtra Cooperation Department said, “Preparations for organizing the event are in full swing. Invitation cards are being dispatched, and all necessary arrangements are being made to ensure the event’s success. We are expecting a gathering of around 3,000 representatives associated with cooperative banks and credit societies.”
“The program will address critical challenges such as regulatory compliance, governance, digital transformation, and financial sustainability faced by cooperative banks and credit societies. These institutions play a pivotal role in supporting rural economies, empowering farmers, and promoting financial inclusion, making their efficient functioning essential for the nation’s growth,” the official added.
The event will be attended by representatives of cooperative banks and credit societies, cooperative banking experts, policymakers, and other key stakeholders. Discussions and deliberations during the event are expected to pave the way for actionable strategies to address the challenges of the cooperative banking and credit societies sector.
The recommendations from this program will likely form the basis for future policies and initiatives aimed at strengthening the cooperative ecosystem in India.
This program promises to be a milestone event, setting the stage for transformative changes in the cooperative banking and credit societies sector and reaffirming its role as a critical pillar in India’s development journey.
As the nation prepares to celebrate the International Year of Cooperatives 2025, this initiative is expected to resonate widely, reaffirming the importance of cooperation in achieving shared prosperity.
As of 31st March 2024, Maharashtra is home to 427 urban cooperative banks, with a combined business mix exceeding Rs 2.27 lakh crore. Of these, 37 UCBs are currently reporting losses.
