Union Ministry of Cooperation Secretary Dr. Ashish Kumar Bhutani chaired a key review meeting to assess the progress of three major entities, the Co-operative Bank of India (COBI), NABARD’s Shared Services Entity (SSE), and the Umbrella Organisation (UO).
The meeting primarily focused on the submission timeline for COBI’s detailed business plan, explored various options for obtaining a banking license, and addressed concerns raised by the Reserve Bank of India (RBI) regarding the proposal.
The session also reviewed the registration status of the SSE, its proposed rollout of services to cooperative banks, and the capital mobilisation process for the National Urban Cooperative Finance and Development Corporation (NUCFDC), which is acting as the Umbrella Organisation (UO) for Urban Cooperative Banks (UCBs). In addition, the range of services already introduced was discussed.
Progress on specific directives issued by the Union Home and Cooperation Minister was also thoroughly evaluated.
The meeting was attended by Pankaj Kumar Bansal, Additional Secretary, Raman Kumar, Joint Secretary, Kumar Ram Krishna, Director, along with key representatives from NABARD and other concerned federations.