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Urban co-op banks need to focus on symmetric development: Amit Shah

Cooperation Minister Amit Shah on Thursday said urban cooperative banks need to focus on symmetric development and adopt modern banking methods to stay in competition

Amit Shah | Urban cooperative banks

Press Trust of India  |  New Delhi 

MAY 23, 2022** New Delhi: Union Home Minister Amit Shah during his visit to Pradhanmantri Sangrahalaya, a building inaugurated by Prime Minister Narendra Modi in April this year as a tribute to all Prime Ministers of India, in New Delhi. (PTI Photo)(

Cooperation Minister on Thursday said need to focus on symmetric development and adopt modern banking methods to stay in competition.

He emphasised on the reforms in and asked them to make structural changes, computerise accounting processes and infuse young talent in the sector.

Presently, the role of is negligible in the total banking sector in terms of deposit and advance payment, he added.

"There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks... but the development is uneven. We need symmetric development of urban cooperative banks," Shah said at an event here.

The symmetric development of cooperative banks will help sustain competition in future, he said.

The minister also felicitated several urban cooperative banks which have completed 100 years of operation.

Minister of state for cooperation B L Verma, National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) President Jyotindra Mehta and Cooperation Secretary Gyanesh Kumar were present at the event.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, June 23 2022. 14:02 IST