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Business EconomyPosted at: Mar 3 2021 7:05PM


Randhawa encourages coop banks to compete at par with pvt banks

Chandigarh, Mar 3 (UNI) Punjab Cooperation Minister Sukhjinder Singh Randhawa said the state government is going to revamp the cooperative banks by introducing new schemes including gold loan and insurance schemes to encourage the cooperative banks to compete with private banks.
Mr Randhawa said new recruitment will be done to deal with shortages of staff and for starting net banking and other online banking services will also be introduced to include the cooperative banks in top banks of the state.
The Minister Randhawa was here to inaugurate the workshop on ‘Micro Finance, New Buisness Opportunities for Cooperative Banks’ organised by Punjab State Cooperative Bank in association with NABARD.
Mr Randhawa said there are as many as 802 branches of cooperative banks in the state and due to the lack of professional approach of cooperative banking sector, these banks are lagging behind private banks besides having reach in the remote areas. He added that to compete with private banks, the cooperative banks will have to change its working for the welfare of the rural people by introducing marketing strategies.
He said strict action will be taken against the culprits of corruption and indiscipline. He also directed the bank officials to act tough against major defaulters.
The Minister thanked NABARD for providing financial assistance of Rs 750 crore to Punjab State Agriculture Development Bank and also appealed the NABARD to bound the state government to utilise these funds through cooperative banks which would strengthen them. He said after getting approval from Reserve Bank of India, the District Central Cooperative Banks (DCCBs) will be merged soon in Punjab State Cooperative Banks (PSCBs) which would add strength to these banks and help overcome new challenges as well.
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