Amin discuss changing scenario before members of credit co-ops

Gujarat State Co-operative Credit Societies Federation Ltd, Ahmedabad and Surat District Urban Co-operative Credit Societies Federation Ltd, Surat jointly organised a two-day Educational Training Seminar for the Co-operative Credit Societies on 9th and 10th September, 2023 at Strawberry Hills and Resorts, Saputara, informs a press release issued by the federation.

This seminar was presided over by Shri Ghanshyambhai Amin, Chairman of Gujarat State Co-operative Union Ahmedabad and Gujarat State Co-operative Credit Societies Federation, Ahmedabad.

In his presidential remarks, Amin stated that the Credit Sector consists of State Co-operative Banks, District Co-operative Banks, Urban Banks and Credit Societies previously governed and managed by the State Registrar. But pursuant to the amendments in Banking Act, Reserve Bank of India has taken over the entire control over their regulation.

Therefore, now the control over their regulation doesn’t vest with their Board of Management and now the requisite powers in the matters like supersession of Board, removal of Board of the Bank, Enquiry, assigning responsibilities etc vest with RBI.

He further said several terms and conditions have been applied such as 51% Board Members should be educated, the Chairman of the Bank should be having experience of the banking sector etc. and as such all these rules and terms -conditions should be mandatorily observed by the Banking Co-operative Sector and therefore the responsibilities of the Credit Societies have increased manifold, he noted.

He added that pursuant to the new policy in the Co-operative Sector, several relaxations have been offered in order to help Credit Societies to expand their various activities and areas of their activities. Not only that, Credit Societies have been permitted to grant dividend upto 20 % to their respective members and therefore Credit Societies should avail this opportunity by adopting progressive approach and should take steps for the progress and upliftment of their respective members.

Addressing the seminar Vice Chairman of South Gujarat Urban Bank Federation (SCOBA) Kanji Bhalala who inaugurated the seminar underlined the importance of artificial intelligence and digital technology. He called upon the employees of credit societies to be

conversant with all these innovative technologies. He described Amin as a Karmayogi who has played a historic role in the development of the cooperative sector in Gujarat, he remarked.

Dr. Jivrajbhai Godhani, Chairman of Surat District Urban Co-operative Credit Societies Federation Ltd, delivered the welcome address and Gordhanbhai Lathiya, Director of the Federation proposed a vote of thanks.

Nearly 150 office bearers and members of Credit Societies attended the seminar.