3 weeks ago
Shah urges cooperative banks to be transparent and modernise
A minister named Amit Shah gave a speech about a special kind of bank called a cooperative bank.
These banks help small shopkeepers and small businesses in towns, called talukas.
Shah said big banks cannot help everyone, so cooperative banks are very important.
He wants these banks to be open about what they do and to use new technology.
A new helping group, called an umbrella organisation, will be created to support them.
This group will teach the banks the rules and give them helpful software like Mule Hunter.
Shah wants all 1,400 of these cooperative banks to join the new group.
He said the central bank, called the Reserve Bank of India, will make sure people's money stays safe.
He believes helping these banks will help make the whole country of India prosperous.
Union Minister Amit Shah called on cooperative banks to be transparent and modernise in order to remain competitive.
He said a new umbrella organisation will provide UCBs technical support, guidance on Reserve Bank of India compliances, and software such as Mule Hunter.
Shah argued that large banks cannot meet the credit needs of small shopkeepers, MSMEs, women's self-help groups, and middle-class borrowers, a role UCBs play at the taluka level.
He said there is a perception gap between the RBI and UCBs and that the central bank has proactively supported the cooperative sector whenever it stepped up confidently.
Shah said the RBI is responsible for ensuring smooth functioning of banks and the safety of depositors' money, and urged all 1,400 UCBs to join the umbrella body.
- Who
- Union Minister Amit Shah and India's urban cooperative banks (UCBs)
- What
- Shah urged cooperative banks to be transparent and modernise, and to join a new umbrella organisation that will provide technical support and guidance on RBI compliances
- Where
- India (referring to UCBs operating at the taluka level)
- When
- Not specified in the article
- Why
- To keep cooperative banks competitive, support small borrowers and self-employment, and ensure the safety of depositors' money
Key facts
- Speaker
- Union Minister Amit Shah
- Audience
- Urban Cooperative Banks (UCBs)
- Number of UCBs
- 1,400
- Key Demands
- Transparency and modernisation to remain competitive
- New Support
- Umbrella organisation offering technical support, compliance guidance, and software such as Mule Hunter
- Regulator
- Reserve Bank of India (RBI)
- Borrowers Served by UCBs
- Small shopkeepers, small businessmen, MSMEs, women's self-help groups, and middle-class loan seekers
Quotes
Amit Shah
Union Minister, Minister of State for Finance
“From the umbrella organisation, we will get technical support. The compliances that Reserve Bank of India has put on us, we will get guidance. The new improvements in the banking sector, it will give us the information about it and many necessary software like Mule Hunter will also be available from there,”
businesstoday.in
Sources
Related news
Shah urges urban cooperative banks to see RBI differently
RBI Calls for Stronger Governance in Cooperative Banks
Cooperative banks demand autonomy, challenge RBI restrictions and curbs
India’s Co-operative Banks Can Professionalise Without Losing Their Spirit
RBI to Resume Urban Co-operative Bank Licensing After Pause
Cancer Day-Care Centre to Open in Vidisha on September 8
CTTC-Bhubaneswar Trains 8,083 Engineering Students Through Summer Internship
SBI MSME Centre Marks First Anniversary With New Initiatives
Government Seminar Helps MSMEs Reach Global Markets Digitally
UBUNTU Consortium to Host Fifth Women Entrepreneurs Event