India’s cooperative banking sector received global recognition as Jyotindra Mehta, Chairman of the National Urban Cooperative Finance and Development Corporation (NUCFDC), represented India at the first-ever United Nations symposium on “Cooperative Financial Institutions: Fuelling Inclusive and Equitable Growth” held in New York.
Sharing details of his participation through a social media post, Mehta described the occasion as a “proud moment” for India’s cooperative banking movement. He said the symposium brought together international policymakers, cooperative banking leaders and financial experts to discuss the role of cooperative financial institutions in promoting inclusive development and economic equity.
During his address as a panelist, Mehta highlighted two major developments from India’s cooperative banking sector that drew significant international attention.
The first was the Reserve Bank of India’s discussion paper on non-voting shares for cooperative banks. According to Mehta, the proposal could allow tradable and market-listed shares for investors while preserving the cooperative principle of “one member, one vote.” He noted that the move has the potential to improve liquidity, attract fresh capital and strengthen the financial capacity of cooperative institutions without compromising their democratic structure.
The second key development discussed was the proposed Umbrella Entity for Urban Cooperative Banks (UCBs). Mehta said the concept received appreciation from global thinkers and cooperative leaders attending the symposium. He emphasized that a strong umbrella organization could improve resilience among urban cooperative banks, strengthen technology adoption and provide better shared services and financial infrastructure to the sector.
The NUCFDC Chairman also stated that India’s cooperative financial model is increasingly being viewed internationally as an important framework for inclusive growth and community-led finance. He said the country’s experience in balancing cooperative values with financial modernization attracted keen interest from global delegates.
Mehta expressed pride in presenting India’s achievements before representatives of the International Cooperative Alliance (ICA), the International Confederation of Cooperative Banks (ICBA), and other international organizations. He added that the growing global attention toward India’s cooperative financial institutions reflects the increasing importance of cooperative banking in advancing financial inclusion and sustainable economic development.
Urban Cooperative Banks play a crucial role in extending banking services to small businesses, middle-income groups and local communities across India, particularly in semi-urban and urban regions. Recent policy discussions around reforms and modernization are aimed at making the sector more robust, technologically advanced and financially sustainable.