While delivering the speech during the valedictory function of the Sahakar Bharati’s National Conference on Credit Co-ops, Nafcub President Jyotindra Mehta claimed that India’s second largest software firms-Infosys and Torrent had taken their first loans from cooperative banks.
“Recently, I attended the 50th year celebration of Gujarat’s leading bank-Kalupur Commercial Cooperative Bank and I came to know that the first loan of Rs 70,000 were taken by the Torrent from the said bank. Besides, Infosys had taken the first loan of Rs 75,000 from one of the cooperative banks”, Mehta said while citing the long history of the cooperative movement.
He further said that there are many examples in the cooperative sector where cooperatives had fulfilled the financial needs of many top companies. But it should bring into the limelight the importance of the cooperative sector.
“We have a history of more than 100 years and there are 295 UCBs in the country which are more than 100 years old. Even when Rabindranath Tagore received the first Nobel Prize of India, he donated the prize amount to the credit cooperative society at his village”, Mehta informed the participants who came from Kashmir to Kanyakumari to attend the conference.
