Urban co-op banks need to focus on symmetric development: Amit Shah




Cooperation Minister on Thursday said need to focus on symmetric development and adopt modern banking methods to stay in competition.


He emphasised on the reforms in and asked them to make structural changes, computerise accounting processes and infuse young talent in the sector.


Presently, the role of is negligible in the total banking sector in terms of deposit and advance payment, 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,” Shah said at an event here.


The symmetric development of cooperative banks will help sustain competition in future, he said.


The minister also felicitated several urban cooperative banks which have completed 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 were present at the event.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Comment