Jamnagar, Jul 28 : Union Home Minister Amit Shah on Tuesday said the country’s cooperative movement received new vigour and momentum after the Narendra Modi-led government established a separate ministry for the sector.

Shah was speaking after virtually inaugurating the newly-constructed headquarter ‘Sahakar Bhavan’ of Jamnagar District Cooperative Bank here. Gujarat Chief Minister Bhupendra Patel was also present.

He said modernisation is essential for strengthening the cooperative system and this process begins with modernising the headquarters and functioning of the cooperative institutions.

“Under the leadership of Prime Minister Narendra Modi, the Government of India established a separate Ministry of Cooperation and infused new energy and momentum into the country’s cooperative movement,” Shah, who also handles the Cooperation portfolio, said.

The Centre set up a separate Ministry of Cooperation in 2021. The ministry provides a separate administrative, legal and policy framework for strengthening the cooperative movement in the country.

Shah said that initiatives, such as establishing more than two lakh new primary agricultural credit societies (PACS) and dairy cooperative societies, adding more than 20 new business activities to PACS, taking the audit system of cooperative institutions online and connecting different cooperative institutions with one another will play an important role in ensuring the prosperity of farmers and strengthening the rural economy in the coming years.

The Jamnagar District Cooperative Bank, which began in 1969 with a modest capital of only Rs 2.5 lakh, has a business of more than Rs 215 crore today, he said.

He said that as service cooperative societies and dairy cooperative societies expand their areas of operation, the bank will play an increasingly important role as a major institution meeting the financial requirements of the cooperative sector across the district.

Shah said the modern headquarters, constructed at a cost of approximately Rs 25 crore, has been built on 25,000 square feet of land, and offers nearly 47,000 square feet of functional space.

The building has been designed keeping in view the bank’s projected requirements for the next 15 years, he said.

New headquarters of Jamnagar District Cooperative Bank has been constructed in conformity with all the standards prescribed by the Reserve Bank of India (RBI) and NABARD, and is equipped with state-of-the-art technology, the Union minister said.