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Economy
Mahesh

10/06/23 07:49 AM IST

Sahakar se Samridhi

In News
  • To realise Prime Minister Shri Narendra Modi’s vision of ‘Sahakar se Samridhi, four important initiatives have been taken to strengthen 1,514 Urban Co-operative Banks (UCBs) in the country.
About initiatives
  • UCBs can now open new branches up to 10% (maximum 5 branches) of the number of branches in the previous financial year without prior approval of RBI in their approved area of operation.
  • In order to avail this facility, UCBs have to get the policy approved by their board and comply with the Financially Sound and Well Managed (FSWM) Norms.
  • RBI has notified a framework governing this aspect for all regulated entities including Urban Co-operative Banks. Now co-operative banks through board-approved policies may provide process for technical write-off as well as settlement with borrowers.
  • The Reserve Bank of India has decided to extend the timeline for UCBs to achieve Priority Sector Lending (PSL) targets by two years i.e. up to March 31,2026. Deadline of March 31, 2023 to achieve PSL target of 60% has now also been extended to March 31,2024.
  • In order to meet the long pending demand of the cooperative sector for closer coordination and focused interaction, RBI has recently notified a nodal officer as well.
Source- PIB

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