Page 19 - Banking Finance September 2025

Reserve Bank of India (RBI). The move Rural Development (NABARD) and the
follows recommendations from a Task National Cooperative Development Attention Subscribers
Force constituted by NAFCUB, under Corporation (NCDC) have collectively Please renew your Subscription of The
the direction of the Ministry of Coop- disbursed over Rs 42,000 crore to co- Insurance Times Journal to receive
eration, to study the potential trans- operative banks during FY 2024-25. copy of the journal uninterruptedly.
formation of credit societies into Ur- Union Minister of State for Finance You can now pay by GPAY, Phonepe,
ban Cooperative Banks (UCBs).
Pankaj Chaudhary revealed that Paytm, Amazon, ICICI Pay, BHIM UPI
The selected societies were evaluated Madhya Pradesh, Odisha, and
based on their capital base, deposit Karnataka were the top beneficiaries
size, and financial ratios. NAFCUB has of NABARD's support, while Andhra
directed these societies to pass board Pradesh led NCDC's disbursements. The
and general body resolutions confirm- funds aim to bolster cooperative insti-
ing their intent to apply and to ap- tutions as vital credit delivery mecha-
proach the RBI's Central Office with nisms in rural India.
applications prepared under Form III The minister also highlighted the suc-
A, in accordance with the Banking cessful implementation of Core Bank-
Regulation (Cooperative Societies)
ing Solutions (CBS) across nearly all
Rules, 1966. cooperative banks, with only one Ur-
Societies have also been advised to ban Cooperative Bank in West Bengal
appoint qualified consultants for the yet to migrate. This milestone marks
process. The initiative is a significant a significant step toward digital trans-
push to expand India's cooperative formation, improving operational effi-
banking framework. ciency and transparency.
The strategic infusion of funds under-
NABARD and NCDC inject lines the government's commitment to

Rs 42,000 crore into coop- strengthening grassroots banking insti-
tutions and integrating them more ef-
erative banks in FY25 fectively into the formal financial sys-

The National Bank for Agriculture and tem.
Sashi Publications Easy Payment
Cosmos Bank reports Rs 180 crore profit, announces Modes :-
merger with Citizen Co-op Bank i) UPI ID: SASHIBOOKS@KOTAK
ii) GPAY: 9830171022@okbizaxis
Cosmos Co-operative Bank, one of India's oldest cooperative banks, reported
a robust net profit of Rs 180.62 crore for FY 2024-25 at its 119th Annual iii) PAYTM: 9830171022@paytm
General Meeting in Pune. With reserves of Rs 2,497 crore and a healthy iv) NEFT: Current A/C
CRAR of 15.15%, the bank recommended a 10% dividend for its members. 402120110000327 of 'SASHI
PUBLICATIONS PRIVATE
The bank's total business volume reached Rs 38,634 crore, with Rs 22,907
LIMITED, Bank of India, VVK
crore in deposits and Rs 15,727 crore in advances. In a landmark move, the
Road Branch., Kolkata, India,
AGM also approved the merger of Noida-based Citizen Co-op Bank Ltd. with
IFSC Code : BKID0004021
Cosmos Bank, pending RBI's final approval.
v) Credit Card:
The merger is expected to expand Cosmos Bank's footprint and reinforce
its national presence. With its strong governance and adherence to RBI's www.sashipublications.com
priority sector lending norms, Cosmos Bank continues to be a model for co- For any query please call
operative banking in India, balancing financial growth with cooperative 9073791022/9883398055
values. www.sashipublications.com

BANKING FINANCE | SEPTEMBER | 2025 | 17