Amit Shah to be chief guest at conclave of UCBs and credit societies today

Union Minister for Home Affairs and Cooperation Amit Shah will attend a conclave in the national capital on Thursday, which will discuss various issues related to Scheduled and Multi-State Urban Co-operative Banks and Credit Societies and will also felicitate Urban Cooperative Banks that have completed 100 years of service to society.

Shah will be the Chief Guest at the National Conclave of Scheduled and Multi-State Urban Co-operative Banks and Credit Societies on "Future Role of Urban Cooperative Credit Sector".

The Conclave will further strengthen Prime Minister Narendra Modi's vision of "Sahakar Se Samriddhi" (prosperity through co-operatives).

The business sessions of the Conclave will include discussions on various issues related to Scheduled and Multi-State Urban Co-operative Banks and Credit Societies and the Cooperative Credit Sector such as the future role of Urban Cooperative Banks and recommendations of the Reserve Bank of India's (RBI's) Expert Committee, national cooperative finance and development cooperation as a game-changer as an umbrella organization for the Urban Cooperative sector, the Banking Regulation (Amendment) Act, 2020 and its impact and developments, the role of credit societies in the financial sector scenario with special reference to Multi-state societies and the issue of regulation and taxation of cooperative credit societies.

The Conclave will also felicitate Urban Cooperative Banks that have completed 100 years of service to society. There are 197 such banks in the country. This gives an indication of the deep roots of cooperatives and cooperative banks in the country. Many of the banks are expected to be present at the Conclave to be honoured by dignitaries.

Urban Cooperative Banks are among the oldest banking institutions in the country. They have been in existence for well over a century. They are banks organised and managed by a cross-section of people from society that could include teachers, lawyers, traders, doctors, engineers, social workers and others to provide banking services to their members.

Minister of State for Cooperation B.L. Verma, senior officials from the Ministry of Cooperation, the Chairman Emeritus of the National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB) Dr HK Patil, the President of NAFCUB Jyotindra Mehta and the Vice President of NAFCUB VV Anaskar will also be amongst those who will be present during the inaugural session of the conclave.