Amin exhorts co-operators to promote co-op awareness during IYC 24

The 27th Annual General Meeting (AGM) of Gujarat State Co-operative Credit Societies Federation Ltd., along with the Leadership Development Program (LDP), was held on August 13, 2024, at the head office of Gujarat State Co-operative Union in Ahmedabad. G H Amin, Chairman of the Gujarat State Co-operative Union and Founder Chairman of the Federation, presided over the meeting.

During the AGM, i Amin emphasized the global impact of cooperative activities, which are active in 120 countries, serving as vital economic platforms for small and medium-sized communities. He highlighted the United Nations’ decision to observe 2025 as the International Year of Cooperatives (IYC 2025).

Amin urged all cooperative credit societies to promote awareness of the benefits of cooperative activities during this international celebration. He also referenced Prime Minister Narendra Modi’s slogan, “Prosperity through Cooperation,” and discussed the government’s plans to establish two lakh Primary Agricultural Credit Societies (PACS).

The amended bylaws now allow PACS to diversify into innovative services, such as medical stores, travel bookings, and gas agencies, providing members with new economic opportunities, he underlined. Amin also addressed the increasing competition from Small Finance Institutions, stressing the need for cooperative credit societies to scale up and support small artisans with loans of up to Rs 50,000.

In recognition of the Federation’s efforts, the government has exempted stamp duty on loans up to Rs 50,000, with further exemptions on loans up to Rs 1,00,000 currently under consideration. Amin also discussed the Federation’s request to grant the State Credit Societies Federation the power of recovery, following a similar move by the Maharashtra government, which could lead to faster loan recoveries and reduced non-performing assets (NPA).

V. R. Kapuriya, Ahmedabad District Registrar (Housing), spoke about the dual responsibilities of cooperative credit societies, urging members to maintain legal and financial integrity amid growing competition from banks and other financial institutions. He stressed the importance of following the legal guidelines laid down by the Department of Cooperation to avoid complications.

Dr. Rajendra Trivedi, Executive Officer of Gujarat State Co-operative Union, lauded Shri Amin’s leadership and his efforts in securing stamp duty exemptions. Dushyantsinh Vaghela, CEO of the Federation, presented the annual accounts, which were approved by the members.

In recognition of his achievements, Amin was felicitated by Maheshbhai A Patel, Vice Chairman of the Federation, for his appointment as Board member of Cosmos Co-operative Bank. Additionally, Amin felicitated Dr. Jivrajbhai Godhani for his re-election to the Surat Jilla Urban Credit Federation.

The meeting concluded with a patriotic appeal from Amin, urging all attendees to hoist the Indian national flag, “Tiranga,” on Independence Day.