Union Home and Cooperation Minister Amit Shah stressed on reforms in urban co-operative banks to stay competitive

Union Home and Cooperation Minister Amit Shah on Thursday said that urban cooperative banks need to focus on balanced development and adopt modern banking system to stay competitive.

He stressed on reforms in urban co-operative banks. Also asked them to bring structural changes, computerize accounting processes and attract young talent in this field.

Shah said that at present the role of urban co-operative banks in the banking sector is negligible in terms of deposits and loans.

“At present there are 1,534 urban co-operative banks and 54 scheduled urban co-operative banks… but the development is unbalanced. We need balanced development of urban co-operative banks.

The minister said that balanced development in co-operative banks would help them to remain competitive in future.

Shah also felicitated several urban co-operative banks that have completed 100 years of operation.

Minister of State for Cooperatives B L Verma, National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) President Jyotindra Mehta and Cooperation Secretary Gyanesh Kumar were present in the program.