UP Govt inks MoU with RBI for development of Urban Co-op Banks

Mumbai, Apr 11 (UNI) The Uttar Pradesh Government and the Reserve Bank of India (RBI) today signed a Memorandum of Understanding (MoU) to facilitate the development of Urban Co-operative Banks in the state.

With this MoU, a state-level Task Force on Urban Co-operative Banks (TFUCB) has been constituted for Uttar Pradesh, a release issued by the Central Bank said here today.

D P S Rathore, Regional Director of RBI for Uttar Pradesh will be Chairman of TFUCB, while Suresh Chandra, Registrar of Co-operative Societies, Government of Uttar Pradesh will act as its Co-chairman. The other members on TFUCB will include a representive, each from State and National Federation of Urban Co-operative Banks, a nominee of the State Government of Uttar Pradesh and a representative of Urban Banks Department, Reserve Bank of India, Central Office, Mumbai.

As part of its development role, the RBI will be assessing the training, computerisation needs of the Urban Co-operative Banks in Uttar Pradesh with the objective of upgrading their human resource skills and technological infrastructure so that they improve their operational efficiency and quality of management information system, the release said.

The MoU has been signed following the vision document for Urban Co-operative Banks of the RBI, whose draft was placed in public domain in 2005. The vision document voiced the need for signing of MoUs with states as Urban Co-operative Banks are subject to dual control from the state governments and the RBI.

The vision document envisaged the signing of MoUs between the two parties to put in place an arrangement through which there is a convergence on the approach and remedial actions required to be taken for facilitating the development of this sector.

The RBI has already signed similar MoUs with the Governments of Andhra Pradesh, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Rajasthan, Uttranchal, Chattisgarh, Goa, Haryana, West Bengal, Assam, Tripura, Punjab and the National Capital Territory of Delhi, the release added.

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