NAFSCOB’s regional meetings go unabated; Minister chief guest in UP

In a  series of organizing regional consultation meetings with State Cooperative Banks and DCCBs on measures to expand business growth during Amrit Kaal (2022-47), National Federation of State Cooperative Banks (Nafscob) organized a meeting in Lucknow on Tuesday in which UP Cooperation Minister JPS Rathore was the chief guest.

Addressing the meeting, Rathore said, “The Prime Minister’s vision is to make the country a developed nation by 2047 . Besides, Union Home and Cooperation Minister Amit Shah looks forward to increasing the contributions of cooperatives to  the field of agriculture upto 50 percent during Amrit Kaal”.

“We have to work together in fulfilling the visions and it is only possible by adopting new technology and innovative ideas in running the business. The scheme should be designed in such a way so that borrowers can get  loans on time and their needs can be fulfilled”, he added.

The Cooperation Minister further added, in the coming days, the government aims to provide banking facilities to the last man in villages through Uttar Pradesh Cooperative Bank and the decision has been taken to make all the district cooperative banks as the members of Nafscob.

He said that 3200 PACS have been computerized in Uttar Pradesh and further  computerization will be completed in the next six months. Besides, interest free cash credit limit of Rs 10 lakh each has been provided to all PACS for running the business smoothly. Around Rs 750 crore has been provided to all the PACS and the interest will be borne by the state government.

Rathore said that 16 district cooperative banks were in loss and out of them 11 have come out of the red, the rest will be in profit at the end of the current financial year.

Nafscob Chairman K Ravindra Rao said that the three-tier system of cooperative credit- UP State Cooperative Bank, District Cooperative Bank, PACS will have to work together to strengthen the cooperative movement.

On this occasion UP RCS Anil Kumar, Additional Commissioner and Additional Registrar (Administration) Smt. Isha Priya, UP State Cooperative Bank Chairman J.B. Singh, MD RK Kulshrestha, Director Bird Nirupam Mehrotra, CGM NABARD AK Dora and Chairman of all District Cooperative Banks were present.

Readers would recall that Nafscob also organized a regional consultation meeting at Chandigarh in which participants from Haryana, Himachal Pradesh, Punjab and others took part.