At the inauguration of “CoopKumbh 2025” at Vigyan Bhawan, Jyotindra Mehta, Chairman of the National Urban Cooperative Finance and Development Corporation (NUCFDC) delivered an inspiring address that highlighted the transformation, resilience, and renewed confidence of India’s cooperative banking sector.
Speaking in the presence of Union Home and Cooperation Minister Amit Shah, Mehta lauded the Ministry of Cooperation, established in 2021, for bringing cooperatives into the mainstream of national economic growth. “The days when cooperatives were treated as second-grade citizens are over. We stand proudly alongside the corporate sector,” he affirmed, adding with warmth that “Amitbhai’s Ministry neither sleeps nor lets us sleep- even on holidays, we remain committed to cooperative progress.”
Quoting the World Bank’s recent report that recognized India’s banking system as one of the most resilient under the leadership of the RBI, Mehta pointed to the remarkable turnaround in the Urban Cooperative Banking (UCB) sector. “In 2021, our Gross NPAs were around 21%. Today, they stand at 7%, and Net NPAs are just 1.2%. This is a proud moment for every cooperator in the country,” he declared.
Announcing a major step towards digital transformation, Mehta unveiled NUCFDC’s flagship initiatives under the “Sahakar DigiPay” mission. Over 800 Tier-1 UCBs, including those in far-flung areas such as Imphal and Pochampally, will soon be equipped with a dedicated digital payments app to empower even the smallest cooperative banks and their customers.
He also introduced a Loan Origination System (LOS) that enables borrowers to apply for and receive loan approvals from home-reflecting the sector’s leap into a fully digital era.
Endorsing Amit Shah’s vision of “One Town, One UCB,” Mehta said the initiative would ensure balanced geographical growth of Urban Cooperative Banks and prevent regional concentration. He added that India’s Umbrella Organization (UO) for UCBs would soon stand shoulder to shoulder with similar entities across the world. “NUCFDC will be the digital backbone of cooperative banking-strong, secure, and people-focused,” he said.
Later, during a special session on “Cooperation Among Cooperatives: Role of Umbrella Organization,” which featured V. S. Das, former Executive Director, RBI, Sharad Gangal, Chairman, TJSB Bank, Prabhat Chaturvedi, CEO, NUCFDC and others, Mehta emphasized that unity among cooperatives must remain the guiding principle of the sector.
“Cooperation among cooperatives is one of our oldest ideals, but somewhere along the way, we forgot it,” Mehta remarked. He noted that nearly 80% of India’s 1,480 Urban Cooperative Banks fall within Tier 1 and Tier 2 categories, many of which have served their communities for more than a century. “We must ensure that not a single bank is forced to close. Let’s aim for 100% compliance, minimum penalties, and collective growth,” he urged.
Calling the Umbrella Organization the “first step toward the next century of cooperation,” Mehta said it would provide the structural, financial, and digital foundation the sector needs to thrive. “If we fail to strengthen this institution now, our next generation will not forgive us,” he cautioned.
Concluding his remarks, Mehta expressed confidence that CoopKumbh 2025 will be a turning point for the cooperative credit movement. “Technology and togetherness will define the future of Indian cooperatives,” he said, “and through this unity, we will build a stronger, more inclusive, and digitally empowered cooperative India.”
