Gujarat Sets Up Taskforce To Monitor Co-Operative Banks Performance

In view of the major turmoil being witnessed in the cooperative banking sector, the Gujarat government today set up a high-level task force to closely monitor the functioning of weak cooperative banks in the state.

Besides keeping a constant watch over such weak banks, the task force is expected to formulate the remedial action to be taken to revive such banks and also to expedite the implementation of such action plan.

Disclosing this, Reserve Bank of India (RBI) regional director V S Das said the task force would be headed by the Gujarat cooperation secretary and would have the Gujarat registrar of cooperative societies (RCS) as its member secretary. It would also have as its members the general manager (urban bank department) of the RBI, representatives of Gujarat State Cooperative Bank and Ahmedabad District Cooperative Bank as well as legal experts.

 

This decision was taken and implemented on an urgent basis today following the dissolution of the board of managements of two Gujarat-based cooperative banks - the Ahmedabad-based General Cooperative Bank and the Kheda-based Charotar Nagrik Cooperative Bank.

The decision to form the said task force was taken today by the state government in consultation with the RBI regional director V S Das.

A meeting in this connection was called today at Gandhinagar and it was presided over by the Gujarat chief secretary G Subha Rao.