Hey folks, exciting news coming out of Pune today! Union Minister for Cooperation Amit Shah has announced that India’s first regional office of the Central Registrar of Cooperative Societies (CRCS) will be set up in Pune. This move is set to strengthen the cooperative banking sector and provide better facilities for banks without any hurdles.
Shah made this announcement at the valedictory function of Diamond Jubilee celebrations of Janata Sahakari Bank, where he was joined by top officials including Maharashtra Chief Minister Devendra Fadnavis and Union Minister of State for Cooperation Murlidhar Mohol.
Amit Shah credited Murlidhar Mohol for spearheading the initiative of CRCS regional offices and mentioned that more such offices will be opened across the country to empower scheduled cooperative banks. He also revealed that a committee has been formed to improve regulations and implement innovative solutions in the sector.
Speaking about the importance of the cooperative sector, Shah emphasized that it plays a crucial role in achieving Prime Minister Narendra Modi’s vision of making India a fully developed nation by 2047 and a 5 trillion-dollar economy by 2027. He highlighted the need for every individual to be connected with the country’s development for these goals to be achieved.
Shah also stressed the importance of embracing new technologies for continued growth, mentioning the establishment of an umbrella organization for Urban Cooperative Banks and a clearing house for Cooperative Banks in the country.
To address the competition from nationalized banks, small financing banks, and NBFCs, the Government is setting up a monitoring committee to strengthen governance and incorporate technological innovations in Cooperative Banks.
Amit Shah praised Janata Sahakari Bank for its strong financial balance sheet and its commitment to social service, especially during times of crisis like the Latur earthquake, Kolhapur-Sangli floods, and the COVID-19 pandemic.
Overall, the establishment of the CRCS regional office in Pune and the government’s efforts to strengthen the cooperative banking sector are set to bring positive changes and empower cooperative banks across the country. Exciting times ahead for the cooperative movement in India!
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