Gujarat's Pioneering Cooperative Initiative: A Model for Success

Gujarat, under the leadership of Chief Minister Bhupendra Patel, has successfully piloted the 'Cooperation Among Cooperatives' initiative in Banaskantha and Panchmahal. This program, envisioned by Union Minister Amit Shah, has led to significant financial consolidation, enhanced liquidity, and improved banking facilities across cooperative societies.

Gujarat, under the leadership of Chief Minister Bhupendra Patel, has successfully piloted the 'Cooperation Among Cooperatives' initiative in Banaskantha and Panchmahal districts. This initiative, envisioned by Union Home and Cooperation Minister Amit Shah, involves the centralization of bank accounts and deposits from various cooperative societies into District and State Cooperative Banks. Over 4 lakh new accounts were opened, resulting in a significant increase of Rs. 966 crores in bank deposits.

The initiative aims to consolidate the collective capital of cooperative societies, enhancing financial liquidity, addressing credit needs, and ensuring that the capital is utilized within the cooperative sector. This model is set to be emulated across all 33 districts of Gujarat, extending banking services to the village level through District Cooperative Banks.

During the pilot run from June 2023 to January 2024, Banaskantha and Panchmahal saw the consolidation of 1048 Milk Societies' bank accounts and a surge in savings accounts. Additionally, over 3.32 lakh RuPay debit cards were issued, and 1736 societies were equipped with micro-ATMs to improve financial access at the village level. The initiative also provided comprehensive digital transaction training to over 1631 employees of cooperative societies.

(With inputs from agencies.)