At the end of each year, we ask co-op and mutual leaders from around the world to reflect on their organisation and sector – and this year, on the UN International Year of Cooperatives theme: Co-ops Build a Better World. Read the December 2024 Q&As here.
How do co-operatives build a better world?
By prioritising people over profits, the democratic form of co-operatives empowers individuals, strengthens communities, and contributes to a better future for all. They foster a sense of shared purpose and trust, enabling members to collectively tackle social and economic challenges.
The democratic form of co-operatives has excellent potential to build a better world by way of creating employment opportunities, ensuring financial inclusion and also through prudential governance and management practices. ‘Prosperity through cooperatives’ is an apt slogan in this context.
The ICA Global Cooperative Conference 2024 that launched the UN-IYC 2025 reaffirms the unwavering commitment to the ICA Statement on the Cooperative Identity, constituted by the definition, values, and principles, and to strengthening the co-operative movement worldwide.
What should the International Year achieve – and how is your organisation working toward that?
Our National Federation of State Cooperative Banks (Nafscob) and International Cooperative Banking Association (ICBA) see the year as an opportunity to mobilise all stakeholders to support and expand co-operatives everywhere. As a representative of both, I participated in the soft launch of the IYC2025 in July 2024 at the UN HQ in New York.
Nafscob can play a significant role in the International Year by leveraging its extensive network, influence, and experience in the co-operative banking sector. It should raise awareness of its role by organising regional and national workshops, seminars, and campaigns to highlight the contribution of co-operative banks to rural development, financial inclusion, and agriculture. And it should publish case studies, reports, and newsletters showcasing success stories and innovations in the co-operative banking sector.
Alongside ICBA, it will launch initiatives to expand financial literacy among all segments of population in collaboration with all member institutions.
Further, ICBA and Nafscob will take steps to enhance digital banking services and promote the adoption of co-operative banking technology and thus address digitalisation process.
They will also organise leadership development programmes for all categories of functionaries in
co-op banks, and collaborate with the ICA to share best practices in co-operative governance and leadership.
ICBA and Nafscob will also play an effective advocacy and lobbying role by working closely with the government of India and the Ministry of Cooperation to take more initiatives to address issues relevant to co-operative banks and to expedite formulation of the National Cooperative Policy, working towards a conducive policy and regulatory environment for co-operative banks.
Other relevant issues for ICBA and Nafscob include the need for a conducive policy environment for agriculture, with a smooth flow of credit, rationalisation of interest rate on deposits and loans, and a higher quantum of refinance with lower rates of interest.
The two bodies will develop a calendar of national and international conferences to bring together co-operative leaders, policymakers, and stakeholders to discuss challenges and opportunities. And they will encourage co-op banks to play a significant role to address the SDGs, and initiate proactive measures to promote the co-operative banking sector during IYC2025.
