NEW DELHI: Amit Shah, the union minister for home affairs and cooperation, emphasised the importance of cooperatives on Thursday for the welfare of the general population.
Speaking at a one-day conference on Scheduled and Multi-State Urban Co-operative Banks and Credit Societies, Shah emphasised the necessity of symmetric cooperative expansion in order to survive in a competitive environment.
"Symmetric cooperative expansion is essential if we are to survive in a competitive environment. Cooperative banks frequently provide loans to the general public for various reasons, "At an event on urban cooperative banks, Shah stated.
The Chief Guest at the National Conclave of Scheduled and Multi-State Urban Co-operative Banks and Credit Societies on "Future Role of Urban Cooperative Credit Sector," Shah, also stated that Urban Cooperative Banks are crucial to the advancement of the common section of society because they lend money to them in a very straightforward manner.
The union minister further said that the cooperative banks can help residents in the urban sector receive loans for a house and a car as well as better education for their children.
Assisting such entrepreneurs is the obligation of cooperative banks and the government, according to Shah, who claimed to know three significant businessmen who received their first Rs 5 lakh loan from cooperative banks.
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