This is no secret that Gujarat Urban Co-operative Bank Federation (GUCBF) is ahead of its counter parts operating in other states. Or what else can explain its initiative to form an umbrella organization to promote technological modernization, capacity building, research and financial literacy among cooperative banks on the RBI’s suggestion.
The Centre of Banking Research and Excellence was inaugurated in Ahmadabad at the hands of Gujarat Chief Minister Anandi Ben on Saturday, a proud Gujfed Chief Jyotinder Mehta informed Indian Cooperative.
RBI had set up a Committee five years ago to work out an umbrella organization for the urban cooperative banks. The Committee recommendations were sent to all the state headquarters. Acting on the suggestions, Gujarat Chapter of Nafcub has taken initiative to start the Umbrella Organization aimed at improving the functioning of UCBs.
“And we were lucky to rope in the services of V S Das, the then ED and member of Committee from RBI. After retirement he has agreed to oversee the entire operation” Mr Mehta said to Indian Cooperative.
Sources say the umbrella body would be the first of its kind in the country and offer the cooperative banking sector services like asset liability management, fund management and investment banking.
There are 233 urban co-operative banks and 18 district co-operative banks in Gujarat with over 10 million account holders. Nearly 3 million farmers are linked to different credit societies in Gujarat. The cooperative banks in the state have Rs 40,000 crore in deposits and have doled out Rs 30,000 crore in advances.
“Gujfed has also started what is known as “Sahkar Setu 2014” aimed at envisioning the next generation cooperatives. Next Gen Co-op would be futuristic encompassing the latest technologies”, beaming Mehta added.