Cooperation Minister Amit Shah on Thursday said the city’s cooperative banks should focus on symmetrical development and adopt modern banking practices to remain competitive. He highlighted reforms in the city’s cooperative banks and asked them to make structural changes, computerize accounting processes, and attract young talent to the sector.
He added that at present the role of urban cooperative banks in the overall banking sector is insignificant. “There are 1,534 city cooperative banks, 54 planned city cooperative banks… but development is uneven. We need symmetrical development of urban cooperative banks,” Shah said at an event here.
According to him, the symmetrical development of cooperative banks will help maintain competition in the future. The minister also congratulated several city cooperative banks that turned 100 years old. The event was attended by the Minister of State for Cooperation B.L. Verma, President of the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) Jotindra Mehta and Secretary of Cooperation Gyanesh Kumar.