Efforts will be made to empower Urban Co-operative Banks- Union Minister of State for Finance Dr. Bhagwat Karad

Union Minister of State for Finance Dr Bhagwat Karad said, urban co-operative banks have better reach in rural and urban areas and they are fulfilling the financial requirements of the masses.

Hence, these banks needs to be empowered. He assured all support from the union government for the same. Dr. Karad speaking in a banking symposium organised by ‘Samvad ‘ in Pune today.

Mr Subhash Mohite, chairman, Pune District Urban Co-operative Bank association, Mr Vidyadhar Anasakar, Chairman, Maharashtra State co-operative Council  and other dignitaries were present on the occasion.

Dr Karad further said, Union government is committed towards the development of Cooperative sectors so the Union Cooperation Ministry was formed and the responsibility was bestowed upon to Home minister Shri Amit Shah. Maharashtra has given immense contribution in the field of co-operative movement. Eminent economists like Dhanajanyrao Gadgil, Vainkutha Bhai Mehta, Padmshree Vikhe-Patil and others were pioneers of the cooperative movement. Urban co-operative banks have  prospered and flourished in Maharashtra, he added.

Nature of the banking transaction system is changing today. Digitalisation is increasing and the new generation is inclined towards online transactions. Digitalisation would bring more transparency and corruption in the banking sector would be redused, said Dr Karad. He opined that we need to find out a golden mean between digitalisation of the banking system and its widespread reach for financial inclusion.

Mr Vidyadhar Anasakar elaborated problems faced by cooperative banks and also spoke about his expectations from the Reserve Bank of India. The programme was attended by directors, CEOs and office bearers of various cooperative banks in Pune and nearby vicinity.  

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