Prelims: Current events of national and international importance | Polity & Governance
Why in news?
Union Home Minister and Minister of Cooperation, addresses the international conference on the urban cooperative credit sector, “Co-Op Kumbh 2025,” in New Delhi.
- CO-OP KUMBH 2025 – It is a prestigious international conference aimed at strengthening the Urban Cooperative Credit Sector through collaboration, innovation, and policy advancements.
- Organized by – National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB).
- Under the – Ministry of Cooperation.
- Theme – Digitizing Dreams – Empowering Communities.
2025 – Declared as International Year of Cooperatives, by the United Nations.
- Aim –
- Foster stronger partnerships - among cooperative banks, credit societies, and financial institutions
- Explore innovative solutions - in digital banking, risk management, and financial technology
- Enhance policy and regulatory frameworks - for a more resilient cooperative banking sector
- Promote financial inclusion - by empowering small businesses, rural communities, and underserved populations.
Key Highlights
- ‘Delhi Declaration 2025’ – It will serve as a roadmap for the expansion of Urban Cooperative Banks across India.
- Target - Establish 1 UCB in every city with a population over 2 lakh within the next five years.
- Digital Transformation – Sahkar Digi-Pay & Sahkar Digi-Loan - launched to enable even small cooperative banks to offer digital payment and credit facilities.
- Youth & Capacity Building – Development of Generation Sahakar to connect youth with the cooperative movement - Tribhuvan Sahkari University, established to meet educational and training needs in the cooperative sector.
Key achievements
- Financial Discipline – NPAs in UCB reduced from 2.8% to 0.6% over two years, reflecting improved financial health.
- Success of Amul – As per the International Cooperative Alliance (ICA), Amul has ranked no.1 globally, with Rs. 90,000 crore turnover and 3.6 million farmer members.
- IFFCO – Ranked no.2 globally, with Rs. 41,000 crore turnover, its nano urea exports to 65 countries, including the Brazil, Oman, the United States, and Jordan.
Reference
PIB | Co-Op Kumbh 2025
