The separate federation for credit cooperatives at the national level is all set to be launched on 28th July 2024 in Hyderabad.
This information was shared with the Indian Cooperative by the Maharashtra State Cooperative Credit Society Federation (MAFCOCS) Chairman Omprakash Dadappa alias Kaka Koyate, who has been instrumental in establishing the federation. He was speaking to this correspondent on the phone.
Sharing the details, Koyate said, “We are ready to officially launch the separate federation at the national level for the credit co-ops and it will be launched on 28th July 2024”, he informed.
“The initial process for setting up the federation is almost over and bye-laws for the same are also being prepared”, said Koyate.
“Gujarat State Co-operative Credit Societies Federation Chairman GH Amin and Karnataka Credit Cooperative Federation Director Sanjay Hosmath are playing an important role in its establishment”, he added.
He further added, “Many deliberations on setting up the federation are done and the final meeting will be held in a few days”, he said.
It bears recalling that the idea got momentum during the Sahakar Bharati’s conference at ICAR, New Delhi, reflecting the widespread support and need for a specialized body to support credit cooperatives at the national level.
Co-operators argue that there is National Federation for Urban Cooperative Banks and Credit Societies (NAFCUB) but they mainly focus on the urban cooperative banking sector. Therefore, it is the need of the hour to create a dedicated national federation at the national level to address issues related to credit cooperatives.
There are around 80,000 credit cooperatives in the country out of which 16,000 are in Maharashtra and the remaining are in Gujarat, Karnataka and other states.