Union Home Minister and Minister of Cooperation Amit Shah will inaugurate the corporate office of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai on January 24. During the event, several key initiatives will be launched to advance Prime Minister Narendra Modi’s vision of “Sehkar Se Samriddhi” (Prosperity through Cooperation).
Speaking to Indian Cooperative, an enthusiastic Chairman of NUCFDC, Jyotindra Mehta, shared that in addition to the inauguration, several top bankers from the UCB fraternity will have one-on-one meetings with Amit Shah to discuss the growth and strengthening of the Umbrella Organization.
Shah will also release the annual calendar of activities for the International Year of Cooperatives 2025, launch training programs for 10,000 newly formed multipurpose cooperative societies, and introduce a ranking framework for primary cooperative societies.
The NUCFDC has been established to address challenges faced by urban cooperative banks and to support their growth. It will provide IT infrastructure and operational assistance to approximately 1,500 urban cooperative banks.
Recognized as a self-regulatory organization, it will operate under the guidance of the Reserve Bank of India, which has mandated the organization to secure ?300 crore in paid-up capital by February 8, 2025.
The release of the calendar of activities for the International Year of Cooperatives 2025 aims to strengthen the cooperative movement by increasing participation across India and facilitating knowledge exchange globally. These activities are expected to promote rural development, employment generation, and socio-economic empowerment, while fostering India’s presence in the global cooperative community.
Amit Shah will launch training programs for 10,000 newly formed multipurpose cooperative societies to enhance their efficiency and governance. These training sessions will focus on modern management practices, financial planning, digitization, and good governance. Covering 33 states and union territories, the program will involve 1,135 sessions training a total of 56,760 participants, supported by 43 master trainers.
The event will also include the launch of a ranking framework for primary cooperatives, designed to evaluate their performance and enhance their transparency and effectiveness. This framework will help cooperatives identify gaps, improve their decision-making processes, and boost their competitiveness. During the event, high-performing cooperatives from various sectors will be recognized for their achievements.
These initiatives represent a significant step toward strengthening India’s cooperative sector. By addressing operational challenges, fostering skill development, and introducing transparency measures, the government aims to empower cooperatives to contribute to rural development, employment creation, and socio-economic growth.
