Cooperative Banks Foster Local Capital Formation and Development – Chief Minister Devendra Fadnavis

Amravati, Oct 2025 : “Wherever strong banks are established, economic strength grows. These banks play a vital role in encouraging new entrepreneurs. Cooperative banks help achieve local capital formation and overall development,” said Chief Minister Devendra Fadnavis.

The Chief Minister was speaking after inaugurating the new building of Abhinandan Urban Co-operative Bank at Sant Dnyaneshwar Cultural Hall in Amravati today. Before the ceremony, he inspected the newly constructed ‘Abhinandan Heights’ building. He congratulated the bank for providing state-of-the-art facilities and services for the convenience of citizens.

On the occasion were present Minister of State for Cooperation Pankaj Bhoyar, MLA Sulabha Khodke, MLA Ravi Rana, MLA Umesh alias Chandu Yawalekar, Pravin Pote-Patil, founder of Bharatiya Jain Sanghatana Shantilalji Mutha, bank founder Hukumchand Daga, and Abhinandan Urban Co-operative Bank chairman Adv. Vijay Bothra, among others.

Chief Minister Fadnavis said that cooperative banks contribute to the growth of citizens at the grassroots level. They provide timely credit and savings facilities to farmers and small industries. “For those looking to start a business or enterprise, access to loans at the initial stage is crucial, and cooperative banks play a key role in offering this support,” he noted.

He further stated that cooperative banks in Maharashtra have evolved over time and have successfully maintained their standing amidst competition from nationalized banks. Prime Minister Narendra Modi recognized the importance of cooperation and established the Ministry of Cooperation, bringing about transformative changes in the sector. “This initiative is paving the path from cooperation to prosperity,” he remarked, praising Abhinandan Co-operative Bank for its quality work and contribution to the cooperative movement.

Fadnavis emphasized that cooperative banks are regarded by citizens as their own institutions. Abhinandan Bank, he said, has performed excellently across all benchmarks and was recognized by the State Government for its outstanding work in the cooperative sector. The bank has deposits of ₹373.77 crore and has disbursed loans worth ₹253.97 crore. Its net NPA stands at zero percent, reflecting excellent financial management.

“The bank’s sound financial planning ensures prompt and modern services to its customers,” the Chief Minister said. During the event, Hukumchand Daga, the bank’s founder, was felicitated with a shawl, coconut, and memento by the Chief Minister.

The bank’s five-storey building, equipped with modern facilities, has been constructed in the Camp area, with a total built-up area of 22,000 square feet.

The program began with a welcome address by Chairman Vijay Bothra, was conducted by Prajkta Chaudhary, and concluded with a vote of thanks by Board Chairman Sudarshan Gang.