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Money & Banking - Co-operatives


RBI signs pact with M.P. to strengthen urban coop banks

Our Bureau

Mumbai , Jan. 6

THE Reserve Bank of India has signed a memorandum of understanding with Madhya Pradesh to strengthen its urban co-operative banks.

As a result of this pact, a state-level Task Force on Urban Cooperative Banks has been constituted for Madhya Pradesh.

The RBI Regional Director, Dr K.V. Rajan, has been appointed the chairman of the task force while Mr Malay Shrivastava, Registrar of Co-operative Societies, Madhya Pradesh, its co-chairman.

This is as per the RBI vision document, which proposed the constitution of a state-level task force on urban cooperative banks, under the chairmanship of Regional Director of the Reserve Bank for the concerned state with the Registrar of Cooperative Societies as the co-chairman.

Similar MoUs have also been signed with Andhra Pradesh, Gujarat and Karnataka.

The objective, according to RBI press release, is to identify the potentially viable urban co-operative banks and to draw up a time-bound action plan for their revival.

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