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Maharashtra becomes ninth state to sign MOU with RBI

The Government of Maharashtra and the Reserve Bank of India have signed a Memorandum of Understanding (MoU) to facilitate the development of the urban co-operative bank sector in the state of Maharashtra. Consequent upon this, a State Level Task Force for Co-operative Urban Banks (TAFCUB) has been constituted for Maharashtra.

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 Maharastra 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.

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

As the urban co-operative banks are subject to dual control by the Reserve Bank and State Governments, RBI's vision document for urban co-operative banks in March 2005, 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.

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