- Pune, 22nd February 2025: Union Minister for Cooperation Amit Shah has announced the establishment of India’s first regional office of the Central Registrar of Cooperative Societies (CRCS) in Pune.
- He highlighted that setting up these regional offices would bolster the cooperative banking sector and provide better services to banks without any obstacles.
- Shah made this announcement during the valedictory function of the Diamond Jubilee celebrations of Janata Sahakari Bank.
- The event saw the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Ministers Eknath Shinde and Ajit Pawar, Union Minister of State for Cooperation Murlidhar Mohol, and Minister for Higher and Technical Education Chandrakant Patil, along with senior officials from the bank.
- CRCS Regional Offices to Boost Cooperative Banks Amit Shah praised Union Minister of State for Cooperation Murlidhar Mohol for leading the initiative to establish CRCS regional offices and mentioned that more such offices will be opened across the country under his guidance.
Pune, 22nd February 2025: Union Minister for Cooperation Amit Shah has announced the establishment of India’s first regional office of the Central Registrar of Cooperative Societies (CRCS) in Pune. He highlighted that setting up these regional offices would bolster the cooperative banking sector and provide better services to banks without any obstacles.
Shah made this announcement during the valedictory function of the Diamond Jubilee celebrations of Janata Sahakari Bank. The event saw the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Ministers Eknath Shinde and Ajit Pawar, Union Minister of State for Cooperation Murlidhar Mohol, and Minister for Higher and Technical Education Chandrakant Patil, along with senior officials from the bank.
CRCS Regional Offices to Boost Cooperative Banks
Amit Shah praised Union Minister of State for Cooperation Murlidhar Mohol for leading the initiative to establish CRCS regional offices and mentioned that more such offices will be opened across the country under his guidance. He noted that this initiative will empower scheduled cooperative banks and improve their competitiveness with nationalized banks.
To further enhance the cooperative banking sector, Shah announced the formation of a committee aimed at improving regulations and introducing innovative solutions.
In his speech, Union Home Minister and Minister of Cooperation Amit Shah expressed pride in the trust that Janata Sahakari Bank has earned. He remarked that the bank was founded by the esteemed Shri Moropant Pingale, a notable thinker and dedicated RSS worker, who lived a life of selflessness and faced challenges head-on. Shah stated that the foundation laid by Moropant in establishing this bank has now flourished into a vast banyan tree, connecting 10 lakh people.
Union Home Minister and Minister of Cooperation stated that Prime Minister Narendra Modi has set forth two key resolutions for the nation: to transform India into a fully developed country by 2047 and to achieve a 5 trillion-dollar economy by 2027. He highlighted that the development of the cooperative sector is essential for these goals to be realized. Shah stressed that if individual development and prosperity in every household do not occur, these resolutions may remain unfulfilled. He emphasized that providing employment tailored to each person’s abilities and linking them to the nation’s progress is only achievable through a cooperative movement.
Amit Shah also pointed out the necessity for cooperatives to adopt new technologies to ensure ongoing growth. He noted that there are currently 1,465 Urban Cooperative Banks across the country, with 460 located in Maharashtra alone. He mentioned that the establishment of a national umbrella organization for Urban Cooperative Banks, the National Urban Co-operative Finance and Development Corporation (NUCFDC), has been in the works for some time, and the mobilization of Rs. 300 crore for this initiative has now been completed. Shah explained that this umbrella organization will provide comprehensive support to cooperative banks. He added that, for the first time, a clearing house for Cooperative Banks is being planned in the country, which is expected to be operational within the next two years.
Union Home Minister and Minister of Cooperation stated that under Prime Minister Modi’s leadership, the Ministry of Cooperation has implemented various measures to boost the operations of urban cooperative banks. He noted that an Aadhaar-enabled payment system has been introduced for these banks, the limits for gold and housing loans have been increased, and a provision for one-time loan settlement has been established for cooperative banks. He also mentioned that following the creation of an umbrella organization, any cooperative bank across the country will handle its own clearing processes.
Shah further explained that to tackle the rising competition from nationalized banks, small finance banks, and NBFCs, the Government is forming a monitoring committee aimed at enhancing governance and integrating technological advancements within Cooperative Banks.
He emphasized that the core principle of cooperation lies in pooling small amounts of capital to achieve significant outcomes. He pointed out that Janata Sahakari Bank exemplifies this idea, having created a ‘big bank for small people.’
Shah recounted a conversation with his private secretary prior to the event, saying, “Typically, before I go to a bank-related event, my secretary reviews the bank’s financial balance sheet. However, this time, I asked him not to check. I was confident that this bank, founded by the volunteers of the Rashtriya Swayamsevak Sangh (RSS), would have a solid financial standing.”
Amit Shah mentioned that since its inception in 1949, Janata Sahakari Bank became a scheduled cooperative bank in 1988, adopted core banking in 2005, transitioned to a multi-state scheduled cooperative bank in 2012, and was honored to establish the country’s first cooperative demat institution. He highlighted that with 71 branches, 2 extension counters, 175,000 members, and over 1 million satisfied customers, this institution is more than just a bank; it is a large family.
He mentioned that the bank’s deposits now exceed ₹9,600 crore, showcasing the trust that people place in the institution. Shah also pointed out that Janata Sahakari Bank has always stood firm, whether it was during the Latur earthquake, the Kolhapur-Sangli floods, or the COVID-19 pandemic.