Cooperative Banks: Friend of the needy

Shillong, Sept 14: As part of the International Year of the Cooperatives (IYC), speakers cutting across geographical boundaries in India spoke about the contribution made by cooperative banks in the country and said how the cooperative banks are impacting and triggering the changes by not only contributing to the economy but also reducing poverty. However, there was a general consensus that the cooperative banks must be further strengthened and made independent in India.

Celebrating the International Year of Cooperatives organized by the  Meghalaya Cooperative Apex Bank (MCAB) in collaboration with the National Federation of State Cooperative Banks (NAFSCOB) a one day North East Regional Seminar on “ Progress, Problems and Prospects of Short Term Cooperative Credit Structure” kick-started Friday morning at Hotel Pinewood.

Chairmen and Chief Executives of State Cooperative Banks and Primary Agriculture Cooperative Societies in all the eight States of the North Eastern Region, Reserve Bank of India , NABARD, concerned officials from the  department of cooperation in the state governments of the region are taking part in the seminar .

The seminar is attended by well known personalities from the cooperatives world in India like Vijayendra Reddy, President, Andhra Pradesh State Cooperative Bank and Vice-Chairman, NAFSCOB,  BS. Shekhawat, Vice-Chairman, NAFSCOB and Chairman, Madhya Pradesh State Cooperative Bank, Goutam Bora, Vice-Chairman, NAFSCOB and Chairman, Assam State Cooperative Bank, WK Kyndiah, Chairman, Meghalaya State Cooperative Bank; B. Subrahmanyam, Managing Director, NAFSCOB and DF War, Managing Director, Meghalaya SCB.

Inaugurating the seminar Meghalaya minister of cooperation Saleng A Sangma spoke about the need to strengthened the cooperatives even as former chairman of Meghalaya Cooperative Apex Bank (MCAB) and State Women Commission chairman Roshan Warjri said that the fact the United Nation has declared 2012 as the International Year of Cooperatives is an acknowledgement to the contribution it made by the cooperatives to the socio-economy of the world.

It may be pointed out the Meghalaya Cooperative Apex Bank is only four decades old, but it has emerged as the second largest bank in the state, next only to the State Bank of India, and as its business volume is more than Rs. 1000 crore per annum.

However, Warjri said that the cooperative banks in the north east have lots of improvement to be made, but nonetheless it has contributed immensely, especially to the farmers.

MCAB chairman WK Kyndiah gave a brief outline of the cooperative bank of Meghalaya and also mentioned about the all women branches it had started one each in Shillong and Tura.

NAFSCOB vice chairman Bhanwar Singh Shekhawat enlightened the delegates on how important the cooperatives both within and outside India. He said, “Larger part of the world is connected to the cooperatives, and in India eight percent of the population is directly benefitted through the cooperatives. He felt the economy of the cooperatives is a parallel economy in the world.- By Tilak Rai