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

Cooperation Minister Amit Shah on Thursday said urban cooperative banks need to focus on symmetric development and adopt modern banking methods to stay in competition.

He emphasized on the reforms in urban cooperative banks and asked them to make structural changes, computerize accounting processes and infuse young talent in the sector.

Presently, the role of urban cooperative banks 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 the future, he said.

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 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.)

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