The Cooperative Bank of India (COBI) held its crucial board meeting last week at the Gujarat State Cooperative Bank headquarters in Ahmedabad, Gujarat. The meeting, chaired by Ajay Bhai Patel, saw the participation of prominent cooperative leaders, including NCUI President Dileep Sanghani, G H Amin, Milind Kale, and several others.
One of the key discussions centered around securing a banking license for COBI, a move that is expected to strengthen the cooperative banking sector. The board also deliberated on the inclusion of COBI as a National Cooperative Society in the Second Schedule under Section 3(r) of the MSCS Act, 2002, a step that would enhance its national recognition and operational scope.
The meeting gained added significance in light of Union Home and Cooperation Minister Amit Shah’s recent announcement regarding COBI’s role as a clearing system for all cooperative banks.
This decision is expected to streamline transactions and enhance efficiency in the cooperative banking network. Against this backdrop, the board meeting was held with critical scrutiny and strategic planning.
As part of COBI’s expansion and professional development efforts, several training programs have been successfully launched. A training session for NAFED personnel conducted on March 18, 2025, followed by a program for Gujarat State Cooperative Bank and Ahmedabad DCCB personnel on March 22-23, 2025.
Additionally, more training sessions for cooperative banks have been planned for the next quarter, all offered at nominal fees to ensure wider accessibility and skill enhancement within the sector.
To facilitate its national-level recognition, COBI has submitted request letters to key government officials, including the Secretary (Cooperation), Additional Secretary (Cooperation), and the Central Registrar of Cooperative Societies (MSCS Act). A constructive discussion was held with the Central Registrar of Cooperative Societies, Ministry of Cooperation, and other senior officials, who thoroughly reviewed and examined the proposal.
In a significant development, the board has approved amendments to the bye-laws of COBI, which will soon be presented to the General Body for final approval. Once ratified, these amendments will be formally submitted to the Central Registrar of Cooperative Societies (CRCS) for legal endorsement.
The COBI leadership, including the Chairman and Vice Chairman, has actively engaged with the Reserve Bank of India (RBI), NABARD, and Ministry of Cooperation officials to push forward their banking license application. Encouragingly, the concerned authorities have responded positively, indicating a favorable outlook toward granting COBI the necessary approvals.
Additionally, COBI has been at the forefront of modernizing the cooperative banking sector, advocating for cutting-edge IT solutions to improve efficiency and transparency within cooperative credit institutions.
With an ambitious vision and strong backing from the cooperative sector, COBI is well on its way to transforming the landscape of cooperative banking in India.
