Sign In
Learn bits
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

More Related Current Affairs View All

20 Feb

The Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999

'Investors who were defrauded in the Torres Ponzi scam may receive about Rs 40 crore over the next six months.' The Mumbai Police’s Economic Offences Wing (EOW) has begun

Read More

18 Feb

Aravali safari park project

'The Haryana government’s ambitious 3,858 hectare Aravali safari park project spread across Gurugram and Nuh — which was one of the poll promises of the ruling Bharatiy

Read More

17 Feb

President’s rule function

'Recently,  four days after Manipur Chief Minister N. Biren Singh’s resignation, the Union government announced that President’s rule has been implemented in the v

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps