Friday, June 24, 2022

Amit Shah to address national conclave on urban cooperative banks on Thursday

Union Cooperation Minister Amit Shah is scheduled to address a national conclave that will deliberate on the future role of the urban cooperative credit sector

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New Delhi: Union Cooperation Minister Amit Shah is scheduled to address a national conclave that will deliberate on the future role of the urban cooperative credit sector in the country.

The conclave will discuss various issues related to Scheduled and Multi-State Urban Co-operative Banks and Credit Societies and will also felicitate Urban Cooperative Banks that have completed 100 years of service to society, an official statement said.

The Minister of State for Cooperation BL Verma, Chairman Emeritus of the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) HK Patil and senior ministry officials will be present at the event.

Among other issues, the Conclave will discuss recommendations of the Reserve Bank of India’s expert committee, the Banking Regulation (Amendment) Act, 2020, and its impact and developments, the role of credit societies in the financial sector scenario with special reference to multi-state societies and the issue of regulation and taxation of cooperative credit societies.

The Conclave will also felicitate Urban Cooperative Banks that have completed 100 years of service to society. There are 197 such banks in the country.

Urban Cooperative Banks are among the oldest banking institutions in the country. They have been in existence for well over a century. They are banks organised and managed by a cross-section of people from society that could include teachers, lawyers, traders, doctors, engineers, social workers and others for providing banking services to their members.

(With agency inputs)

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