In a grand ceremony organised by Sahakar Bharati, Union Minister of State for Finance, Bhagwat Karad, felicitated the stellar achievements of credit cooperatives across India. The glittering function held at ICAR, New Delhi, celebrated the remarkable performance of these cooperatives in a ceremony attended by prominent figures in the cooperative sector.
The National Level Category saw recognition for exemplary credit cooperatives, with Maharashtra-based Dnyandeep Credit Cooperative Society, Adarsha Nagari Sahakari Patsanstha, and Telangana-based Citizen Credit Cooperative Society receiving accolades for their outstanding contributions. These institutions were honoured for their exceptional balance sheets and financial performance during the fiscal year 2022-23.
Dnyandeep Credit Cooperative Society, with a business mix exceeding Rs 5800 crore and a network of 110 branches across Maharashtra, was represented by its Chairman Jijaba Pawar and directors. Adarsha Nagari Sahakari Patsanstha, founded by Chairman Suresh Patil, received the award for achieving a business mix of over Rs 550 crore and a profit of Rs 4.81 crore as of March 31, 2023.
In the State Level Category, credit cooperatives from Maharashtra, Delhi, Gujarat, and Goa were honoured for their financial prowess in the fiscal year 2022-23. Notable among them were Veeracharya Babasaheb Kuchnure Jilha Nagari Sahakari Patsanstha, Sangli, and Bhagyashree Nagari Sahakari Patsanstha, Chandrapur, from Maharashtra. Delhi was represented by Vijayvergia Co Operative Thrift & Credit Society and Bhai Mati Dass Co-operative Urban Thrift and Credit Society. Goa’s Quepem Urban Co-Operative Credit Society and Sattari Urban Cooperative Credit Society, along with Gujarat’s Shri Swami Vivekanand Multistate Co. Credit Society, also received recognition.
Four credit cooperative societies from Karnataka and Gujarat were additionally felicitated for achieving the significant milestone of completing more than 100 years of existence.
During the valedictory function of Sahakar Bharati’s National Conference on Credit Co-ops, Nafcub President Jyotindra Mehta highlighted the historical significance of cooperative banks in India. He claimed that major players in India’s IT sector, Infosys and Torrent, had taken their initial loans from cooperative banks. Mehta mentioned that Torrent’s first loan of Rs 70,000 and Infosys’ initial loan of Rs 75,000 were obtained from cooperative banks, emphasising the pivotal role played by these institutions in supporting the growth of top companies.
Mehta went on to underscore the rich history of the cooperative movement in India, stating that over 295 Urban Cooperative Banks (UCBs) in the country have surpassed the century mark. He recounted a fascinating historical anecdote, mentioning that even when Rabindranath Tagore received the first Nobel Prize for India, he chose to donate the prize amount to the credit cooperative society in his village.
Prominent figures present at the event included Sahakar Bharati Chairman DN Thakur, National General Secretary Uday Joshi, Nafcub President Jyotindra Mehta, Buldana Urban Founder Chairman Radheshyam Chandak, and BJP Leader Annasaheb Shankar Jolle, among others.
The event, which drew participants from Kashmir to Kanyakumari, served as a platform to recognize and celebrate the pivotal role played by credit cooperatives in India’s economic landscape, shedding light on their historical significance and ongoing contributions to the nation’s financial growth.
