Experts Panel To Help Revive Ucbs In Ap

In the wake of a series of misappropriation of public money by urban co-operative banks (UCBs), the Andhra Pradesh government is planning to utilise the services of professionals to act as special officers to monitor and review the functioning of UCBs, the chief minister, N Chandrababu Naidu, informed the state assembly today.

He said orders had been issued for setting up an Implementation and Monitoring Committee. Each urban bank will prepare an action plan to improve its financial management, reduce administration costs, bring in transparency and accountability and provide proper banking services to the people.

Stringent action will be taken against such banks which do not adhere to discipline or do not function according to the guidelines of RBI and the state government, he warned.

 

Naidu was making a statement on the revival package of Charminar Co-operative Urban Bank, which which became non-operational since February 2002 after the suicide of its high profile chairman Syed Alamdar Sajjad Aga.

Naidu said that of the 145 banks in co-operative sector in the state, three were sick and 51 were considered weak.