Government of Goa signs MoU with Reserve Bank of India

The Government of Goa and the Reserve Bank of India have today, on October 17, 2006, signed a Memorandum of Understanding with regard to urban co-operative banks in the state of Goa. Consequent upon this, a State Level Task Force for Urban Co-operative Banks (TAFCUB) has been constituted for Goa. Shri A.Narayana Rao, Regional Director of the Reserve Bank for the States of Maharastra and Goa is the Chairman of the TAFCUB and Shri R. Mihir Vardhan, Registrar, Co-operative Societies, Government of Goa is its co-chairman. The other members of the TAFCUB are: a representative from the Government of Goa, Smt. Raksha Devi, Deputy General Manager, Central Office of Urban Banks Department, Reserve Bank of India, and two representatives from the urban co-operative banking sector. The first meeting of the TAFCUB will be held soon.

Similar MoUs have also been signed with the States of Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Rajasthan, Uttaranchal and Chhattisgarh.

As part of its developmental role, the Reserve Bank would also be assessing the training and computerisation needs of the urban co-operative banks in the State of Goa with the objective of upgrading their human resource skills and technological infrastructure so that they improve their operational efficiency and quality of management information systems.

It may be recalled that in the Mid-term Review of Annual Policy announced in October 2004, the Reserve Bank had announced that a vision document for urban co-operative banks would be prepared. Accordingly, the Reserve Bank placed in public domain a draft vision document in March 2005. As the urban co-operative banks are subject to dual control by the Reserve Bank and State Governments, the vision document envisaged the signing of Memorandum of Understanding between the State Governments and the Reserve Bank of India to put in place an arrangement through which there is a convergence on the approach and remedial actions required to be taken for facilitating the development of the sector. The vision document also proposed the constitution of a State Level Task Force for Urban Co-operative Banks, under the chairmanship of Regional Director of the Reserve Bank for the concerned State with Registrar of Co-operative Societies as the co- chairman and representatives from the State and the National Federation of Urban Co-operative Banks (NAFCUB) among others, as its members, for the purpose of identifying the potentially viable urban co-operative banks and drawing up a time bound action plan for their revival by setting specific monitorable milestones.

Source : Equity Bulls

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