Now Reading: Amit Shah urges UCBs to look at RBI differently
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Amit Shah urges UCBs to look at RBI differently
Union Cooperation Minister Amit Shah on Saturday urged urban cooperative banks (UCBs) to change their perception of the Reserve Bank of India, stating the regulator had "proactively helped" the sector. Speaking at…
The Story in Brief
Union Cooperation Minister Amit Shah on Saturday urged urban cooperative banks (UCBs) to change their perception of the Reserve Bank of India, stating the regulator had "proactively helped" the sector. Speaking at the inauguration of NUCFDC’s new office in Mumbai, he listed relaxations like liberalised branch opening, doorstep banking, and a dedicated nodal officer.
Shah, who also holds the Home portfolio, said small borrowers are the safest for lenders, citing a 99% repayment rate on collateral-free loans of Rs 2.5 lakh. He announced NUCFDC’s head office will move from Delhi to Maharashtra and urged all 1,400 UCBs to join the umbrella body.
The Indian Opinion
The claim that the RBI is hostile to cooperatives is overstated, Shah lists genuine relaxations. But the narrative that all cooperatives are well-run ignores governance lapses that triggered past crises. The real test will be whether the new on-tap licensing and NUCFDC membership actually improve governance and reduce political interference, not just expand the sector.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
