Amit Shah urges adoption of modern banking system in cooperative banks

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NEW DELHI: Amit Shah, the Union Minister for Home Affairs and Cooperation, on Thursday underlined the importance of cooperatives for the welfare of the general population.

Speaking at a one-day conference on scheduled and multi-state urban cooperative banks and credit societies, Shah stressed the need for symmetrical cooperative expansion in order to survive in a competitive environment.
“The symmetric expansion of cooperatives is essential if we are to survive in a competitive environment. Cooperative banks frequently lend to the general public for various reasons,” Shah said at an event on urban cooperative banks.

Guest of honor at the National Conclave of Scheduled, Multi-State Urban Co-operative Banks and Credit Societies on the “Future Role of the Urban Co-operative Credit Sector,” Shah, also said that urban co-operative banks are critical to the advancement of the common section of society because they lend them money in a very simple way.

The Union Minister added that cooperative banks can help residents in the urban sector to get loans for a house and a car as well as better education for their children.

Helping these entrepreneurs is the obligation of the cooperative banks and the government, according to Shah, who claimed to know three prominent businessmen who received their first Rs 5 lakh loan from the cooperative banks.

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