Cooperation Minister Amit Shah said on Thursday that urban co-operative banks should focus on symmetrical development and adopt modern banking methods to stay competitive.
He highlighted the reforms at urban cooperative banks and asked them to implement structural changes, automate accounting processes and bring young talent into the sector.
Currently, the role of urban cooperative banks is negligible in the overall banking sector in terms of deposits and prepayments, he added.
“There are 1,534 urban cooperative banks, 54 planned urban cooperative banks… but the development is uneven. We need a symmetrical development of urban cooperative banks,” Shah said at an event here.
The symmetrical development of cooperative banks will help support competition in the future, he said.
The minister also congratulated several urban cooperative banks that have existed for 100 years.
Minister of State for Cooperation BL Verma, President of the National Federation of Urban Cooperative Banks and Credit Companies (NAFCUB), Jyotindra Mehta and Minister of Cooperation Gyanesh Kumar attended the event.