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Inauguration of new building of Gujarat State Co-operative Bank

On the evening of Wednesday 4th December 2013 Shri Narendra Modi inaugurated the new building of the Gujarat State Co-operative Bank in Ahmedabad. Shri Narendra Modi talked about the importance of co-operative sector and said that for Gujarat, the co-operative sector have been a part of the value system of the state. Shri Modi called for the need to move towards next generation co-operative banking. He suggested looking at online cash transactions and even said that we need to move beyond cash transactions. Shri Modi affirmed that the best way to end menace of black money is to have online transactions.

Shri Modi recalled how tough decisions by him and the Gujarat government were instrumental in winning the people’s trust in the co-operative sector once again after the series of bank collapses that plagued the sector in 2001. He said, “I remember what happened after the Madhavpura Scam. It was like we had suffered 2 quakes- the quake in Kutch and the bank. Economy was affected and the trust of the people was broken. It was upto us to rebuild this trust. And during those days people were expert at spreading rumors. They would say A Bank is falling or B bank is falling.”

He added, “We wanted to take strong steps. People would tell me, Narendra Bhai this is the right thing but you will not be able to do it. But, for me this was not about politics. We did take strong steps, people were even sent to jail. No one was sparred and we one the trust of the people. The message was clear- what happened, happened in the past. And I must say you all cooperated with me for which I thank you. People told me- Narendra Bhai if I was the CM I would never have taken such decisions.”

Cooperatives Minister Shri Babubhai Bokhiria, former Deputy CM Shri Narhari Amin, Shri Vipul Chaudhary and others were present on the occasion.

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