Page 15 - Banking Finance January 2025

dressing the "dilution" of cooperative
values and proposed reforms to make
PACS more transparent and viable.
Plans include boosting the number of
district cooperative banks by 50%, up-
grading technology, and fostering
youth engagement. Shah also encour-
Ò»©­ aged PACS to adapt successful models

like Ahmedabad District Cooperative
Bank and recommended workshops to
facilitate modernization.

Adv. Kokare and CA Kasar

Re-elected to Cosmos
Co-ops to Generate 55 Million Self-Employment Bank Leadership
Jobs by 2030 Adv. Pralhad Kokare has been re-
India's cooperative sector is poised to create 55-56 million self-employment elected as Chairman of Cosmos Coop-
opportunities by 2030, up from 30 million in 2018, if it maintains an annual erative Bank, with CA Yashwant Kasar
growth rate of 5-6%, according to a Primus Research report. The sector appointed as Vice-Chairman. Kokare,
could contribute 3-5% to the GDP, potentially reaching 10% when including with nearly 21 years in cooperative
indirect employment. banking, has previously served as Vice-
Critical interventions are needed, including digital infrastructure upgrades, Chairman and contributed significantly
a new National Cooperative Mission, and the integration of cooperatives to board committees.
into platforms like ONDC. Investments of ?5 crore in "Janani," an e-market- CA Kasar, a financial expert and char-
place for women-driven cooperatives, are also proposed. tered accountant, brings extensive
The report advocates leveraging Priority Sector Lending, CSR funding, and experience to his role, including lead-
international grants for financial support. It also calls for establishing a ership within the ICAI's Western India
National Cooperative Tribunal for efficient dispute resolution. Regional Council.

RBI Penalizes Five Gujarat
Co-operative Banks to platforms, enhancing data manage-
ment and transaction trails. Co-op Banks for Regula-
Achieve Full Digitization
This initiative underscores the coopera- tory Violations
by 2025 tive sector's commitment to leverag-
Nabard Chairman Shaji K V announced ing digital technology for streamlined The Reserve Bank of India (RBI) has
that cooperative banks across India financial operations. imposed penalties on five Gujarat-
based urban cooperative banks for
will be fully digitized by March 2025.
non-compliance with directives related
The initiative, aligned with RBI's man- Amit Shah Stresses Mod-
date for Core Banking Solutions (CBS) to KYC, loans to directors, and invest-
adoption, aims to modernize opera- ernization of Cooperative ments.
tions and improve efficiency. Banking Penalties ranged from ?1.6 lakh to ?3
Nabard plans to set up a shared ser- Cooperation Minister Amit Shah urged lakh for banks including Shree
vices entity to support rural coopera- the National Federation of State Co- Dhandhuka Janta Sahakari Bank and
tives, with central and state govern- operative Banks to modernize Primary Chanasma Commercial Cooperative
ment collaboration. Fintech companies Agricultural Credit Societies (PACS) Bank. Violations included mismanage-
will be invited to partner in developing during the federation's Diamond Jubi- ment of advances and improper place-
technology solutions for the digitized lee Celebration. Shah emphasized ad- ment of deposits.

BANKING FINANCE | JANUARY | 2025 | 13