Urban co-op banks need to focus on symmetric development, adopt modern banking methods: Amit Shah

Cooperation Minister Amit Shah on June 24 said urban cooperative banks need to focus on symmetric development and adopt modern banking methods to stay in competition.

He emphasised on the reforms in urban cooperative banks and asked them to make structural changes, computerise 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,” Mr. Shah said at an event in New Delhi.

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.