The Ministry of Cooperation on Monday reviewed the progress made by the Task Force on the Transformation of Urban Cooperative Banks (UCBs) and Credit Cooperative Societies during a high-level meeting chaired by Cooperation Secretary Ashish Bhutani at Atal Akshay Urja Bhawan, New Delhi.
The meeting focused on examining the recommendations prepared by the Task Force and discussing a roadmap to strengthen the urban cooperative banking sector through policy reforms, improved governance, digital transformation, enhanced regulatory compliance, financial sustainability, and greater operational efficiency.
The deliberations also covered strategies to improve the competitiveness of Urban Cooperative Banks while ensuring they continue to play a significant role in expanding financial inclusion.
Among those present were Joint Secretary Raman Kumar, Director Kumar Ram Krishna, NAFCUB Chairman Laxmi Das, NAFCUB Chief Executive Officer Rakesh Kumar Dua, and other senior officials from the Ministry of Cooperation and the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB). Cooperative banking expert D. Krishna participated in the meeting through virtual mode.
Speaking to Indian Cooperative, NAFCUB Chairman Laxmi Das said the Task Force has been working for nearly two years with the mandate of preparing a comprehensive roadmap for the transformation of the UCB sector. As part of its assignment, it is required to submit a detailed report to the Ministry every six months.
“So far, the Task Force has submitted four reports, each running to nearly 200 pages. These reports provide an extensive analysis of the Urban Cooperative Banking sector, including branch distribution, banking penetration in underserved and unbanked areas, operational and regulatory challenges, RBI norms, governance issues, and policy measures required to strengthen the sector,” Das said.
He added that two more reports remain to be submitted before the Task Force completes its assignment. The final report, expected by June 2027, is likely to present a comprehensive blueprint for the long-term transformation, modernization, and sustainable growth of Urban Cooperative Banks and Credit Cooperative Societies across the country.
