Co-Op Kumbh 2025:
The Union Minister of Cooperation inaugurated ‘Co-Op Kumbh 2025’, an international conference on the future of India’s urban cooperative banking sector, and adopted the Delhi Declaration 2025.
Outcomes:
- Delhi Declaration 2025: It will serve as a roadmap for the expansion of Urban Cooperative Banks (UCBs).
- Digital Initiatives: Launch of Sahkar Digi-Pay and Sahkar Digi-Loan apps to enable even the smallest UCBs to offer digital payment and loan facilities.
- Expansion Goal: A target to establish one UCB in every city with a population of over 2 lakhs within 5 years.
- Future Initiatives: National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) has been directed to onboard 1,500 banks onto Sahkar Digi-Pay within two years; encourage conversion of successful credit societies into UCBs.
- NAFCUB is an Apex Level promotional body for Urban Cooperative Banks and Credit Societies, registered as a Multi-State Cooperative Society in February 1977.
