Inaugurating the newly constructed Sardar Vallabhbhai Patel Sahkar Bhavan of the Gujarat State Co-operative Bank, he called for setting up a task force to prepare the new model.
Modi pointed out that because of inherent strengths the co-operative banks in the country remained untouched by the turndown in Federal Banking Institutions in powerful nations like the United States.
He said the role of urban and district co-operative banks is not restricted to balance credit-deposit ratio but has social responsibility too. There is need for introducing online financial transaction in the co-operative sector to erase chances of generating black money. He suggested setting up autonomous election commission for conducting elections in the cooperative sector for transparency.
Modi said the co-operative sector is committed to take it to new heights by Mahatma Gandhi's 150th birth anniversary in 2019 and platinum jubilee of India's Independence in 2022. It should be taken up as a movement. Notwithstanding the plus-minus points of banks nationalization, he said, there is need for study on this sector.
He said that Gujarat led in co-operative sector in the past but for stray Madhupura Bank scam in 2001 along with the killer earthquake that had temporarily hit the credence of the cooperative banking sector. It regained the depositor's confidence due to sternest actions taken against the scamsters irrespective of their lineage or status.
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