Addressing a session on the “Importance of Credit Societies and Credit Unions and Challenges of Regulation” and the Future of India’s Cooperative Credit Sector, Uday Joshi, NAFCUB Director and President of Sahakar Bharati, underlined the immense contribution of credit cooperatives to India’s grassroots financial inclusion.

Joshi revealed that there are around 85,000 credit cooperative societies operating across the country today, collectively mobilizing over Rs 1 lakh crore in deposits. “These institutions have been instrumental in extending affordable credit to millions, particularly in rural and semi-urban areas,” he said.

Tracing the history of the movement, Joshi recalled that the first credit cooperative was established in 1879 at Baroda, Gujarat, which later transformed into a bank

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