Presently, the position of city cooperative banks is negligible within the complete banking sector by way of deposit and advance fee, Amit Shah stated
Presently, the position of city cooperative banks is negligible within the complete banking sector by way of deposit and advance fee, Amit Shah stated
Cooperation Minister Amit Shah on June 24 stated city cooperative banks have to deal with symmetric growth and undertake fashionable banking strategies to remain in competitors.
He emphasised on the reforms in city cooperative banks and requested them to make structural adjustments, computerise accounting processes and infuse younger expertise within the sector.
Presently, the position of city cooperative banks is negligible within the complete banking sector by way of deposit and advance fee, he added.
“There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks… but the development is uneven. We need symmetric development of urban cooperative banks,” Mr. Shah stated at an occasion in New Delhi.
The symmetric growth of cooperative banks will assist maintain competitors in future, he stated.
The Minister additionally felicitated a number of city cooperative banks which have accomplished 100 years of operation.
Minister of state for cooperation B.L. Verma, National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) president Jyotindra Mehta and cooperation secretary Gyanesh Kumar have been current on the occasion.
Source: www.thehindu.com