Amit Shah to inaugurate corporate office of NUCFDC in Mumbai

Mumbai: Strengthening Prime Minister Narendra Modi's vision of 'Sehkar Se Samriddhi', Union Home and Cooperation Minister Amit Shah will inaugurate the corporate office of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai on Friday.

Shah will also release the annual calendar of activities for the International Year of Cooperatives 2025, launch training programs for 10,000 newly formed multipurpose cooperative societies across the country, and introduce a ranking framework for primary cooperative societies.

The release of a list of annual activities of the International Year of Cooperatives 2025 will give a new dimension to the cooperative movement. Through these activities, the participation of cooperative organisations across the country will be increased and cooperatives will be strengthened at the global level.

The Reserve Bank of India (RBI) has approved setting up of an Umbrella Organisation (UO) -- NUCFDC -- to address the difficulties being faced by urban cooperative banks in their business.

This will help about 1,500 Urban Cooperative Banks (UCBs) with the necessary IT infrastructure and operations.

According to the RBI's approval, the umbrella organisation will function as a self-regulatory organisation, with functions and activities to be determined by the RBI, after receiving a paid-up capital of ₹300 crore. The umbrella organisation was directed by RBI to obtain paid-up capital not later than one year from the date of registration by February 8, 2025.

The co-operative year activities will help to realise the importance of co-operation on a global scale.

"This will lead to exchange of experience and best practices among different countries, which will further strengthen cooperatives in India. It will be a catalyst for achieving the goals of rural development, employment generation, and economic growth through cooperatives. At the same time, it will help in empowering the local communities and their socio-economic development,” officials said.

Shah will launch the training programme of 10,000 newly formed Multipurpose Cooperative Societies, which will enhance the efficiency of these societies by empowering them with necessary competencies. Under this, special training will be provided to cooperatives on modern management, financial planning, digitisation, and good governance.

A total of 1,135 training programmes will be conducted for 11,352 Multi-Purpose Cooperative Societies (MPACS). Training of 50 participants in each programme is targeted to train a total of 56,760 people. The training will cover 33 states and union territories, assisted by 43 master trainers.

Shah will also launch the Ranking Framework for Primary Cooperatives, which will provide a dedicated system for performance evaluation of cooperatives.

“This ranking framework will help the committees to increase transparency, efficiency, and effectiveness, thereby enhancing their credibility and competitiveness. This ranking framework provides a platform for gap identification, evaluation, decision-making system towards making primary cooperatives efficient and transparent,” officials added.