Prime Minister welcomes RBI’s decision, 1,514 urban cooperative banks will be strengthened

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New Delhi, 10 June (Hindustan Times). Prime Minister Narendra Modi has welcomed the directions of the Reserve Bank of India (RBI) to strengthen 1,514 urban cooperative banks. Responding to a tweet by the Union Ministry of Cooperatives on Saturday, Prime Minister Modi tweeted, “This is wonderful for the cooperative sector and will empower many.”

It is noteworthy that four important initiatives have been taken in the direction of strengthening 1,514 Urban Cooperative Banks (UCBs) in the country to realize Prime Minister Narendra Modi’s vision of ‘Sahakar Se Samridhi’. After detailed discussions with Union Home and Cooperation Minister Amit Shah, Finance Minister Nirmala Sitharaman and Governor, Reserve Bank of India, RBI has notified these important measures to strengthen Urban Cooperative Banks.

The first is, Urban Co-operative Banks (UCBs) can now open new branches to expand their business. Second, UCBs can also do one time settlement at par with commercial banks. Third, the Reserve Bank of India has decided to extend the deadline for UCBs to achieve priority sector lending (PSL) targets by two years i.e. till March 31, 2026. Fourth, to meet the long pending demand of the cooperative sector for closer coordination and focused interaction, RBI has also recently notified a nodal officer.

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