Strengthening Primary Agricultural Credit Societies (PACS), cooperative institutions and creating new cooperatives will be crucial to accelerating rural growth, Reserve Bank of India Central Board Director Satish Marathe said at a Rural Cooperative Dialogue organised in Oros, Sindhudurg.
The event was jointly organised by Sindhudurg District Central Cooperative Bank (DCCB) and Sahakar Bharati, Sindhudurg, at the Balshastri Jambhekar Journalist Bhawan, Oros. Marathe inaugurated the programme and addressed cooperative representatives, farmers, fishermen, cashew growers and young entrepreneurs from across the district.
Speaking at the event, Marathe said India has emerged as the world’s fastest-growing major economy and has shown considerable resilience despite global challenges, including the Russia-Ukraine war. He said India has food stocks nearly three times its requirement and has made significant progress across 30–35 service sectors, extending well beyond software services.
Highlighting India’s digital transformation, Marathe said mobile-based payments have become a part of everyday life and pointed to the country’s progress in digital financial services.
He also underlined the scale of financial inclusion achieved in recent years, saying around 55 crore new bank accounts had been opened. Government initiatives such as Ayushman Bharat, Atal Pension Yojana and insurance schemes, he said, have helped bring millions of people into the formal financial system.
Marathe stressed that the next phase of rural development must place cooperatives at its centre. PACS and other cooperative institutions need to be strengthened, while new cooperative institutions should also be encouraged, he said.
He urged cooperative sector stakeholders to identify opportunities and initiatives that can directly contribute to development in their respective districts. Marathe also highlighted the role of the newly established Tribhuvan Cooperative University, saying it could make a significant contribution to capacity building in the cooperative sector.
According to Marathe, the university has introduced more than 50 courses, ranging from short-term certificate programmes to degree-level courses. Greater coordination among the government, cooperative institutions and social organisations could help accelerate these initiatives and strengthen the contribution of rural banks to India’s development, he said.
The dialogue also examined the challenges and opportunities before Sindhudurg’s cooperative sector, including institutional strengthening and the changing economic environment. Participants discussed the potential of cooperatives in agriculture, fisheries, cashew, dairy, tourism and rural industries.
The programme was chaired by Manish Dalvi, Chairman of Sindhudurg DCCB. Vice-Chairman Atul Kalsekar, Maharashtra State Cashew Corporation Director and Sahakar Bharati Konkan Division chief Dhananjay Yadav, DCCB CEO Aniruddha Desai and Sahakar Bharati Sindhudurg District President Amit Awate, among others, were present.
Dalvi and Kalsekar also addressed the gathering. The event witnessed participation from a large number of cooperative representatives and stakeholders, underlining the growing focus on cooperatives as a vehicle for inclusive rural development in Sindhudurg.
