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This story is from June 28, 2005
RBI, Gujarat sign MoU for urban co-op banks
MUMBAI: The Reserve Bank of India (RBI) on Tuesday signed an MoU with the state government.
Under the agreements reached, RBI has put in place an arrangement through which there is a convergence on the approach and remedial action to be taken for facilitating the devilment of the sector.
As part of its developmental role, the RBI would assess training, computerisation needs of UCBs in the state to upgrade their human resource skills and technological infrastructure to improve their systems, the RBI said in a release.
Under the MoU, RBI would consult with the state Registrar of Co-operative Societies (RCS) before cancelling or refusing a licence under the Banking Regulations Act.
RBI regional director Vani Sharma would be the chairperson on TAFCUB while RCS Gujarat is the co-chairperson. The first meeting of the TAFCUB will be held soon.
RBI sources said that it was hopeful of signing similar MoUs with Kerala, Karnataka and Maharashtra, which along with AP and Gujarat, constitute the highest number of UCBs in the country.
The MoU comes in the wake of the vision document for UCBs announced by the RBI in its mid-term review of annual policy in October last for which it had called for public comments. Based on the response, the RBI drew up a medium-term framework (MTF) for the UCBs to enable them to meet prudential requirements over the medium term.
As the UCBs are subject to dual control of the RBI and state, the MTF envisages signing of the MoU to put in place an arrangement through which both have a convergence on the approach and remedial actions required to be taken for development of the sector, it said.
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