Several Initiatives Launched on Five years of the Ministry of Cooperation | Current Affairs | Vision IAS

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In Summary

  • New initiatives for Urban Cooperative Banks include Sahakar CBS (Core Banking Solution) and Sahakar Sahyogi (AI platform), alongside e-PACS transformation and grain storage godowns.
  • The cooperative sector is revitalizing PACS for 25+ business activities, aiming for White Revolution 2.0 with a 50% milk procurement increase by 2028-29.
  • Financial inclusion is boosted by the SHG-Bank Linkage Programme, projected to create 11 crore jobs by 2030, and the decentralized grain storage plan.

In Summary

New Initiatives

  • For Urban Cooperative Banks (by National Urban Cooperative Finance and Development Corporation):
    • Sahakar CBS: Centralized Core Banking Solution (CBS) for Urban Cooperative Banks.
    • Sahakar Sahyogi: Conversational AI-powered platform to enhance customer services and banking operations.
  • Others:
    • Transformation of 50,000 Primary Agricultural Credit Societies (PACS) into e-PACS
    • Foundation stones laid for 47 grain storage godowns
    • Launch of Milk Supply Review Dashboard Portal (National Dairy Development Board).

Other Initiatives taken in Cooperative Sector 

  • Revitalized PACS: PACS can now legally undertake 25+ business activities, acting as Common Service Centres, Jan Aushadhi Kendras, and fuel outlets.
  • White Revolution 2.0: Targeting a 50% increase in cooperative milk procurement by 2028-29.
  • Financial Inclusion: The SHG-Bank Linkage Programme is the world's largest microfinance initiative and is projected to generate 11 crore jobs by 2030.
  • Infrastructure: The sector is executing the world's largest decentralized grain storage plan to build local godowns.
  • Bharat Taxi: India's first community-owned digital mobility platform, offering a cooperative alternative to private ride aggregators.
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Bharat Taxi

A government-backed app-based taxi service launched with a cooperative model where drivers are owners, aiming to disrupt the ride-hailing market in India.

SHG-Bank Linkage Programme

A credit-plus-income generation program where Self-Help Groups (SHGs) are linked to banks for credit. It is recognized as the world's largest microfinance initiative, empowering women and promoting financial inclusion.

White Revolution 2.0

An initiative aimed at further boosting milk procurement and production within the cooperative sector, building upon the success of the original White Revolution that transformed India's dairy industry.

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