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After successfully launching the "Cooperation among Cooperatives" initiative in two districts on a pilot basis, the Gujarat government has decided to implement it across all 33 districts of the state, officials said on Wednesday.
The initiative aims to enhance the cooperation among Gujarat's thousands of cooperative societies by centralising their bank accounts and deposits in various district and state cooperative banks.
The initiative was envisioned by Union Cooperation Minister Amit Shah and launched on a pilot basis in Banaskantha and Panchmahal districts of Gujarat, the state government said in a statement.
Gujarat Cooperation Minister Jagdish Vishwakarma said the success of the pilot project has led the government to decide on implementing the initiative across all 33 districts of Gujarat. As part of the pilot project in these two districts, over 4 lakh new accounts were opened by cooperative societies and their active members in the district cooperative banks, resulting in a jump of over Rs 966 crore in the bank deposits, it said.
"The district cooperative banks will be able to extend their services on the village level and ensure that the capital and funds of Gujarat cooperatives' stay within the community and come to the aid of other cooperative societies," Vishwakarma said.
"The initiative consolidates the existing bank accounts of cooperatives and their members operating in various commercial banks and brings them under a centralised district/state cooperative banks," the government said.
This helps consolidate the collective capital of these cooperative societies under one centralised bank, resulting in enhanced deposit pool for loans and increased financial liquidity among cooperatives. This helps address the credit needs of the cooperative societies and ensure that the collective capital of cooperatives comes to the dedicated use of other cooperatives, Vishwakarma said.
"In this way, the capital and deposit of one successful cooperative society comes to the use of other societies, benefiting the entire cooperative sector of Gujarat," he said.
The pilot project was launched between June 2023 to January 2024 in two districts, the government said in its statement.
During the pilot project period, the existing bank accounts held by 1,048 milk societies were consolidated into the district co-operative banks along with the complete transfer of surplus funds into their new bank accounts.
The two districts saw the opening of over 4.7 lakh new savings accounts in cooperative banks, enhancing the existing deposits of these banks by a whopping Rs 966 crore, it said. A total of 3.32 lakh RuPay debit cards were also issued to the societies and their active members, it said.
In order to enhance banking facilities and financial liquidity at village level, a total of 1,736 societies in these districts, including prominent milk societies affiliated with dairy unions, were also equipped with micro-ATMs and affiliated as "Bank Mitra".
To help members access financial services, over 1,631 employees associated with the cooperative societies were given a comprehensive training on digital transactions, including micro-ATM operations, cash withdrawals, and deposits, it said.
The initiative aims to enhance the cooperation among Gujarat's thousands of cooperative societies by centralising their bank accounts and deposits in various district and state cooperative banks.
The initiative was envisioned by Union Cooperation Minister Amit Shah and launched on a pilot basis in Banaskantha and Panchmahal districts of Gujarat, the state government said in a statement.
Gujarat Cooperation Minister Jagdish Vishwakarma said the success of the pilot project has led the government to decide on implementing the initiative across all 33 districts of Gujarat. As part of the pilot project in these two districts, over 4 lakh new accounts were opened by cooperative societies and their active members in the district cooperative banks, resulting in a jump of over Rs 966 crore in the bank deposits, it said.
To further strengthen this, more than 1,700 micro ATMs were installed at cooperative societies in these two districts, it said.
"The district cooperative banks will be able to extend their services on the village level and ensure that the capital and funds of Gujarat cooperatives' stay within the community and come to the aid of other cooperative societies," Vishwakarma said.
"The initiative consolidates the existing bank accounts of cooperatives and their members operating in various commercial banks and brings them under a centralised district/state cooperative banks," the government said.
This helps consolidate the collective capital of these cooperative societies under one centralised bank, resulting in enhanced deposit pool for loans and increased financial liquidity among cooperatives. This helps address the credit needs of the cooperative societies and ensure that the collective capital of cooperatives comes to the dedicated use of other cooperatives, Vishwakarma said.
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"In this way, the capital and deposit of one successful cooperative society comes to the use of other societies, benefiting the entire cooperative sector of Gujarat," he said.
The pilot project was launched between June 2023 to January 2024 in two districts, the government said in its statement.
During the pilot project period, the existing bank accounts held by 1,048 milk societies were consolidated into the district co-operative banks along with the complete transfer of surplus funds into their new bank accounts.
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In order to enhance banking facilities and financial liquidity at village level, a total of 1,736 societies in these districts, including prominent milk societies affiliated with dairy unions, were also equipped with micro-ATMs and affiliated as "Bank Mitra".
To help members access financial services, over 1,631 employees associated with the cooperative societies were given a comprehensive training on digital transactions, including micro-ATM operations, cash withdrawals, and deposits, it said.
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