Shah sets target of 1 co-op bank per city, launches 2 apps, Pg12.

Key Highlights:

• Union Minister Amit Shah launched Sahakar Digi Pay and Sahakar Digi Loan apps to facilitate digital payments in urban cooperative banks.
• The launch occurred at the Co-Op Kumbh 2025 international conference organized by NAFCUB.
• The government aims to establish one urban cooperative bank in every city with a population exceeding two lakh within five years.
• NPAs of urban cooperative banks have decreased from 2.8% to 0.6% in the last two years.

Detailed Insights:

• The Ministry of Cooperation has been actively implementing policy decisions to modernize and expand the reach of cooperatives.
• The focus is on improving operational standards and financial discipline within the cooperative banking sector.
• Cooperatives are seen as crucial for improving the standard of living and ensuring employment for every person.
• The apps will enable even the smallest urban cooperative banks to offer digital payment facilities.

Key Concepts Involved:

• Urban Cooperative Banks (UCBs): Financial institutions owned and controlled by their members in urban areas.
• Non-Performing Assets (NPAs): Loans or advances for which principal or interest payments are overdue.
• NAFCUB: An apex body representing urban cooperative banks and credit societies in India.