Times of India reports the Kolhapur city will soon host a two day convention of urban cooperative banks (UCB) in Maharashtra. A top ranking RBI official will address the convention.
A banking pundit is quoted as saying urban cooperative banks have been a major credit source to the salaried and low-income middle class for a long time. However, in the last few years, these urban cooperative banks have been facing major hurdles in business as well as expansion.
The challenges facing these banks are likely to be debated in the convention, pundit said. A large number of top functionaries associated with UCBs will speak in the convention.
The cooperation movement in Maharashtra began during the pre-independence period, when it worked as micro-finance institutions to support the poor and -weaker sections of society.