Cooperation Minister Amit Shah on Thursday stated city cooperative banks must give attention to symmetric improvement and undertake trendy banking strategies to remain in competitors. He emphasised on the reforms in city cooperative banks and requested them to make structural adjustments, computerise accounting processes and infuse younger expertise within the sector.
Presently, the position of city cooperative banks is negligible within the complete banking sector by way of deposit and advance fee, he added. “There are 1,534 city cooperative banks, 54 scheduled city cooperative banks… however the improvement is uneven. We want symmetric improvement of city cooperative banks,” Shah stated at an occasion right here.
The symmetric improvement of cooperative banks will assist maintain competitors in future, he stated.The minister additionally felicitated a number of city cooperative banks which have accomplished 100 years of operation. Minister of state for cooperation B L Verma, Nationwide Federation of City Cooperative Banks and Credit score Societies (NAFCUB) President Jyotindra Mehta and Cooperation Secretary Gyanesh Kumar had been current on the occasion.