Following the successful pilot in Banaskantha and Panchmahal districts, Gujarat is set to expand its ‘Cooperation Among Cooperatives’ initiative across all 33 districts. This program, under the leadership of Chief Minister Bhupendra Patel and envisioned by Union Home & Cooperation Minister Amit Shah, aims to centralize and consolidate the bank accounts and deposits of cooperative societies to enhance financial liquidity and support for the cooperative sector statewide.
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- Gujarat successfully piloted the ‘Cooperation Among Cooperatives’ initiative in Banaskantha and Panchmahal districts.
- The initiative was introduced by Union Home & Cooperation Minister Amit Shah.
- Over 4 lakh new accounts were opened in District Cooperative Banks during the pilot, increasing deposits by Rs. 966 crores.
- The initiative aims to centralize cooperative societies’ bank accounts under District and State Cooperative Banks.
- Consolidation of bank accounts helps enhance the deposit pool for loans and financial liquidity.
- The initiative ensures that cooperative societies’ collective capital is utilized for mutual benefit within the sector.
- Following the pilot’s success, the initiative will be implemented across all 33 districts of Gujarat.
- The expansion aims to strengthen the cooperative sector as a pillar for a developed and self-reliant Gujarat.
- Between June 2023 and January 2024, 1048 Milk Societies’ accounts were consolidated into District Central Co-operative Banks.
- During the pilot, 4.7 lakh new savings accounts were opened, 3.32 lakh RuPay debit cards issued, and 1736 societies equipped with micro-ATMs.
