gujarat-launches-cooperation-among-cooperatives-initiative

In Gujarat, a significant initiative known as ‘Cooperation Among Cooperatives’ has made impressive strides, especially in the Banaskantha and Panchmahal districts. This program aims to enhance the cooperative sector, fostering growth and unity among various cooperative societies.

 

The initiative gained momentum following the establishment of the Ministry of Cooperation by the central government, under the leadership of Prime Minister Narendra Modi.

 

This move reflects the government's commitment to strengthen cooperatives across the nation, promoting the idea of ‘Sahkar Se Samridhhi’, which means prosperity through cooperation.

 

Thanks to the efforts of Chief Minister Bhupendra Patel, the pilot program has been a remarkable success. More than 4 lakh new accounts were opened by cooperative societies and their members in the District Cooperative Banks of these two districts. This surge has led to an impressive increase of over Rs. 966 crores in bank deposits.

 

One of the key features of this initiative is the installation of micro-ATMs at 1,736 cooperative societies, including many prominent milk societies linked with local milk unions. By equipping these societies with micro-ATMs and designating them as Bank Mitras, the government aims to improve banking access and financial liquidity in rural areas.

 

The ‘Cooperation Among Cooperatives’ initiative has a clear purpose. It seeks to unite the thousands of cooperative societies in Gujarat by centralising their bank accounts and deposits.

 

By consolidating existing accounts held at various commercial banks into a single District Cooperative Bank or State Cooperative Bank, the initiative ensures that the collective capital of these cooperatives is utilised effectively. This centralised approach enhances the deposit pool available for loans, addresses credit needs, and fosters a supportive network among cooperatives.

 

This model not only promotes financial stability but also encourages the successful cooperative societies to support others within the network. By doing so, the initiative creates a thriving ecosystem that benefits the entire cooperative sector in Gujarat.

 

Minister of Cooperation, Jagdish Vishwakarma, emphasised the importance of these achievements. He remarked that a stronger cooperative sector is essential for building a prosperous and self-reliant Gujarat. This vision aligns with Prime Minister Modi’s goal of achieving a developed India by 2047.

 

Due to the success of the pilot program, the Gujarat government plans to implement the ‘Cooperation Among Cooperatives’ initiative in all 33 districts across the state.

 

This expansion will enable District Cooperative Banks to provide services directly at the village level, ensuring that the resources of Gujarat’s cooperatives remain within the community.

 

The pilot program, which ran from June 2023 to January 2024, saw remarkable progress in Banaskantha and Panchmahal districts. During this period, the bank accounts of 1,048 milk societies were consolidated into District Central Cooperative Banks, and their surplus funds were transferred to these new accounts. This consolidation led to the creation of over 4.7 lakh new savings accounts in cooperative banks, dramatically boosting the total deposits by Rs. 966 crore.

 

Additionally, approximately 3.32 lakh RuPay debit cards were issued to cooperative societies and their members, enhancing their access to banking services. To further support these societies, commission rates were established to encourage income generation, allowing them to maximise the benefits of micro-ATMs.

 

Recognizing the challenges that members face in accessing financial services, the initiative also provided extensive training for over 1,631 employees associated with cooperative societies. This training covered essential skills for digital transactions, including operating micro-ATMs, cash withdrawals, and deposits.

 

The ‘Cooperation Among Cooperatives’ initiative in Gujarat represents a promising step toward strengthening the cooperative sector. By enhancing financial access and promoting unity among societies, this program is paving the way for a more prosperous and self-sufficient future for communities across the state.