At present, the role of urban co-operative banks in the overall banking sector in terms of deposits and advance payments is negligible, said Amit Shah
At present, the role of urban co-operative banks in the overall banking sector in terms of deposits and advance payments is negligible, said Amit Shah
Cooperation Minister Amit Shah on June 24 said that urban cooperative banks need to focus on equitable development and adopt modern banking methods to stay competitive.
He stressed on reforms in urban co-operative banks and asked them to make structural changes, computerize accounting processes and involve young talent in the sector.
He said that at present the role of urban co-operative banks in the overall banking sector is negligible in terms of deposits and advance payments.
“There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks… but the growth is uneven. We need symmetrical development of urban cooperative banks,” Mr Shah said at an event in New Delhi.
He said that symmetrical development of co-operative banks would help in maintaining competition in future.
The Minister also felicitated several urban cooperative banks which have completed 100 years of operation.
Minister of State for Cooperation BL Verma, National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) President Jyotindra Mehta and Cooperative Secretary Gyanesh Kumar were present on the occasion.