Co-ops are effective tool for inclusive growth: Gaurco at ICBA meet

The centennial conference of International Cooperative Banking Association (ICBA) at Brussels, Belgium had Indian delegates discussing the role of cooperative financial institutions of India. It was held between 17-19 November 2022.

India’s Nafscob Managing Director Bhima Subrahmanyam is the President of ICBA. During the two-day event, Nafscob Chairman K Ravinder Rao, Nafcub President Jyotindra Mehta, Biscomaun Chairman Sunil Kumar Singh, NCARDBF Managing Director K K Ravindran, K N Rajanna and others attended the event. International Cooperative Alliance President Ariel Guarco also graced the occasion.

In his speech, ICBA President Bhima Subrahmanyam said, “I have been part of the cooperative movement at the international level for nearly 40 years, and I have felt that cooperatives, and cooperative banks, were not as relevant earlier as they are today”.

“We see that companies and financial institutions that make profits are embracing unethical values in doing their business. The world is not just acknowledging the fact that cooperatives could barely carry out their business in such a situation and work to accomplish sustainable development goals. The achievement of these goals will depend on how well cooperatives could fare in the next 10 years”, he added.

He further said, “The role of cooperatives, of our national movements, of the ICA become extremely crucial today. I can safely say, coop-banks will need to play an extraordinary role moving ahead, especially with the population of the world now crossing the 8 billion mark”, Subrahmanyam underlined.

In his centennial address ICA President Ariel Guarco said, “Cooperative has proven to be an effective tool to advance the inclusion of those who are on the margins of the system, channeling the resources of individuals and communities towards the common good. Therefore, we must strengthen cooperative financial institutions where the community can control the resources that serve their own development”.

Nafcub President Jyotindra Mehta underlined the importance of the urban cooperative banking sector of India. K. Ravinder Rao, Board Member, ICBA and President, Telangana State Apex Co-Operative Bank spoke on ‘Cooperative Financial Institutions in India: Challenges and Opportunities.

Deputy General Manager & Member of Faculty College of Agriculture Banking, RBI, Pune, Dr Ashish Srivastava dwelt on the primary cooperative banking sector in India and discussed bottlenecks and conundrums currently facing the sector.

From India, Buldana Urban, Nafcard, Nafscob, Karnataka State Cooperative Apex Bank, Telangana State Cooperative Bank, Delhi State Cooperative Bank, APCOB, NAFCUB and NCDC are the ICBA members.