RBI should find out ways to develop network of co-banks: Prez
President said that RBI should find out ways to develop a practical network of cooperative banks.
By PTI |
INDORE: President Pratibha Patil today said RBI should find out ways to develop a practical network of cooperative banks and asked these institutions to include a number of women on boards, besides giving loans in groups to fairer sex for their economic development and empowerment.
The President also said it is a matter of happiness that cooperative banks and loan federations in the US, Europe and other parts of the world are not much affected with global financial crisis despite the banking sector across the world reeling under the crisis.
"Entire banking sector in the world is passing through a difficult phase. We should learn from this crisis," Patil said while addressing the centenary celebrations of Indoor Paraspar Cooperative Bank here.
Patil said owing to rapid urbanisation there is a lot of scope for urban cooperative banks to expand and grow in the country. She, however, cautioned that their large number without any regulatory mechanism may lead to problems.
The President suggested that since a large number of urban cooperative banks will remain in existence in the market, an apex body of such banks should emerge.
Patil said that such models are working in different countries of the world and Reserve Bank of India (RBI) should work on that model and find out ways to develop a practical network of these cooperative banks.
"The country needed a quality cooperative leadership which is capable of delivering without having any personal benefits," she said.
The President also said it is a matter of happiness that cooperative banks and loan federations in the US, Europe and other parts of the world are not much affected with global financial crisis despite the banking sector across the world reeling under the crisis.
"Entire banking sector in the world is passing through a difficult phase. We should learn from this crisis," Patil said while addressing the centenary celebrations of Indoor Paraspar Cooperative Bank here.
Patil said owing to rapid urbanisation there is a lot of scope for urban cooperative banks to expand and grow in the country. She, however, cautioned that their large number without any regulatory mechanism may lead to problems.
The President suggested that since a large number of urban cooperative banks will remain in existence in the market, an apex body of such banks should emerge.
Patil said that such models are working in different countries of the world and Reserve Bank of India (RBI) should work on that model and find out ways to develop a practical network of these cooperative banks.
ADVERTISEMENT
"The country needed a quality cooperative leadership which is capable of delivering without having any personal benefits," she said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
