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Technology, transparency key for UCBs to stay competitive:Amit Shah

Union minister Amit Shah on Saturday urged urban cooperative banks to embrace technology, ensure transparency and modernise customer services to remain competitive. Speaking at the inauguration of the new office of the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) in Mumbai, he said ensuring the prosperity of customers will help the banks achieve growth. The Union Home and Cooperation Minister also urged all urban cooperative banks to join the NUCFDC, the apex umbrella organisation for the sector, within a year. Shah said that RBI has proactively helped us, he listed out the relaxations delivered by RBI. Among other aspects, RBI has liberalised branch opening, allowed UCBs to offer doorstep banking, made it possible for them to issue demand drafts andlife certificates, and also appointed a dedicated nodal officer just to look into the affairs of the UCBs, which have over Rs 6 lakh crore of deposits, he said.

Shah also announced that NUCFDC, which works as an umbrella body for the sector, will soon be moving its head office to Maharashtra from New Delhi, and added that 449 of such lenders are in the state and 70 per cent of the entities are from Maharashtra, Gujarat, Goa and Karnataka. Maharshtra Chief Munuster Devendra Fadnavis. Dy CM Eknath Shinde, Union MoS Krishan Pal Gurjar, Union MoS Murlidhar Mohol, Minister Babasaheb Patil wer also present. 


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