In a key development for the cooperative sector, the Cooperative Bank of India (COBI) held its board meeting on Tuesday at the NCUI headquarters in New Delhi, where it was decided to engage NABCONS, the consultancy arm of NABARD, to prepare a comprehensive business plan essential for securing a banking license.
To facilitate the process, COBI has constituted an internal committee comprising Chairman Ajay Patel, Vice-Chairman G H Amin, and designated consultant R C Padia. The committee will work closely with NABCONS and the concerned regulatory authorities to expedite the documentation and necessary formalities.
Speaking to Indian Cooperative, COBI Vice-Chairman G H Amin said, “We have already met senior officials from the Ministry of Cooperation, RBI, and other key stakeholders regarding the banking license for COBI. Although the RBI has given its in-principle consent, it has asked for a detailed viability report explaining how COBI will function. We have resolved to submit this report through NABCONS within one month.”
Highlighting a crucial gap in India’s financial system, Amin added, “At present, there is no national-level cooperative bank. As a result, surplus funds from cooperative institutions are being parked in public sector banks like SBI. This defeats the spirit of cooperation among cooperatives.”
COBI’s long-term vision is to establish a central financial institution tailored to the needs of the cooperative sector. If the proposal is approved, the bank will play a pivotal role in channeling cooperative funds within the sector, thereby enhancing financial strength and autonomy.
The board meeting, chaired by Ajay Bhai Patel, was attended by several prominent cooperative leaders including NCUI President Dileep Sanghani, Chandra Pal Singh Yadav, G H Amin, Bijendra Singh, and others.
Another important agenda item was COBI’s proposed recognition as a national-level cooperative institution. If granted, this status would provide COBI with greater operational flexibility and a formal standing within the cooperative banking ecosystem. The matter is currently under review by the relevant authorities.
The board also reviewed the bank’s financial and operational performance. COBI has reported a profit of Rs 20 lakh and currently has 36 members, along with 12 newly inducted nominal members, including representatives from State Cooperative Banks and District Central Cooperative Banks and others.
As part of its ongoing efforts to strengthen the cooperative movement, COBI has launched training programmes for various cooperative organizations. These programmes are offered at a nominal fee of Rs 2,500 per participant to cover operational costs. The initiative aligns with the objectives of the Cooperative Education Fund (CEF), established by the Ministry of Cooperation to support the growth of Multi-State Cooperative Societies (MSCS).
The Cooperative Bank of India (COBI) recently organized a training programme for officers of the Himachal Pradesh State Cooperative Bank Ltd., with around 40 participants attending.
Additionally, COBI has scheduled a training session for personnel of NAFED on the topic “Cooperative Thought and Cooperative Management” on 21st May 2025. Another training programme for staff of the Haryana State Cooperative Bank is planned for 28th May 2025.
With these proactive measures, COBI is steadily moving toward its goal of becoming a full-fledged national-level cooperative banking institution.
It is worth recalling that Union Home and Cooperation Minister Amit Shah had recently announced COBI’s envisioned role as a clearing house for all cooperative banks, a move that further underscores the institution’s growing importance within the sector.
