Sahakar Setu 2024 Will be Catalyst for Change in Urban Cooperative Banking

 Sahakar Setu 2024 Will be Catalyst for Change in Urban Cooperative Banking

• Shri. Bhupendra Patel, Chief Minister of Gujarat, and Shri. Jagdish Vishwakarma, Cooperation Minister, will deliver the inaugural address

• Jointly organized by National Urban Co-operative Finance and Development Corporation Ltd and the Gujarat Urban Cooperative Banks Federation, the summit will bring together policymakers, regulators, industry leaders, academicians, and professionals

The 2024 edition of Sahakar Setu, the West India Urban Co-operative Banking Summit, is set to take place on September 26 in Gandhinagar. The one-day summit is jointly organized by the National Urban Co-operative Finance and Development Corporation (NUCFDC), an umbrella organisation for India’s Urban Co-operative Banking Sector and the Gujarat Urban Cooperative Banks Federation (GUCBF), the apex body of Urban Co-operative Banks. The event aims to convene around 10 plus speakers, including policymakers, regulators, and industry leaders from the Urban Cooperative Banking Sector (UCBs), alongside an expected audience of 500 participants.

Digital transformation is fundamentally reshaping the Indian financial landscape, including its ancillary sectors. The upcoming summit, themed ‘Technology for Transparency and Transformative Growth’, will focus on the crucial role of technology in enhancing transparency and driving sustainable growth within UCBs. By leveraging innovative solutions, UCBs can foster trust, improve operational efficiencies, and create substantial value for their stakeholders, ensuring a more resilient and inclusive financial ecosystem.

Shri. Bhupendra Patel, Chief Minister of Gujarat, and Shri. Jagdish Vishwakarma, Cooperation Minister, will deliver keynote addresses at the inaugural session themed ‘Responsible Banking for Sustained Growth and Development’. They will be joined by a distinguished lineup of speakers, including Shri. M Rajeshwar Rao, Deputy Governor of the Reserve Bank of India, and Dr. Ashish Kumar Bhutani, Secretary of the Ministry of Cooperation. Additionally, Shri. Jyotindra Mehta, Chairman of NUCFDC and GUCBF, will collectively explore the vital role of responsible banking practices in promoting sustainable growth and development within the cooperative banking sector.

Speaking about the summit, Shri. Jyotindra Mehta, Chairman of NUCFDC and GUJCBF said, “Half of the UCBs from the ecosystem are in the western states like Maharashtra and Gujarat who are at the forefront of the cooperative movement. They are playing a crucial role in advancing the Government of India’s financial inclusion agenda. While many have embraced technology, the sector's full potential remains untapped. Larger UCBs have successfully modernized their operations. The time has come to bring the entire UCBs ecosystem together and chart a course for everyone to become resilient and foster inclusive growth”.

Shri. J V Shah, CEO, GUCBF said, “UCBs are integral to meet the financial needs of local communities effectively. Their commitment to customer service excellence has positioned UCBs as the preferred banking choice, with a localized approach enabling quick service and tailored products for underserved segments. Policymakers and regulators have recognized the vital role UCBs play to fortify the local economies. To create benchmark customer service, they must embrace digital solutions in more transparent manner to thrive in the competitive banking environment. The collaborative initiative by NUCFDC and GUCBF aims to bring the stakeholders together and discuss the challenges, opportunities along with way forward to increase the market share of UCBs in the digital banking world”.

Sahakar Setu, the West India Urban Co-operative Banking Summit 2024 with multiple panels and keynote addresses around a range of topics, aims to encapsulate the essence of innovation, collaboration, and industry foresight. Additionally, the summit will celebrate the key contributions made by the UCBs. Innovators and leaders who have advanced financial inclusion and responsible banking practices will be honoured. Additionally, the event will provide opportunities for networking and idea exchange, fostering collaboration and innovation to drive the sector forward.