While inaugurating the new headquarters of the Central Registrar of Cooperative Societies at World Trade Centre, New Delhi, Union Home and Cooperation Minister Amit Shah urged the multi state credit cooperative societies to come forward to convert themselves into banks.
“In a bid to increase the number of cooperative banks in the country, the multi state credit cooperatives should prepare to convert themselves into cooperative banks”, Shah said.
He further said that we have to speed up this transformation and should move in a direction that more and more banks become multistate and more and more multistate credit cooperative societies get converted into banks, Shah said amidst thunderous applause from the audience.
Union Cooperation Minister said, 10 Multi State Cooperative Societies were registered in 2020 and 102 new Multi State Cooperative Societies have been registered in 2023, there is a 10-fold increase in registration.
Representatives from a few multistate credit cooperative societies and cooperative banks were present.on this occasion. There are about 700 multi state credit & thrift cooperative societies in India and around 80 urban cooperative banks are multi state.
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