Government of National Capital Territory of Delhi signs MoU with Reserve Bank of India

The Government of National Capital Territory of Delhi and the Reserve Bank of India have, on August 6, 2007 signed a Memorandum of Understanding with regard to Urban Co-operative Banks in the State of Delhi.

As part of its developmental role, the Reserve Bank would also be assessing the training, computerization needs of the Urban Co-operative Banks in the State of Delhi with the objective of upgrading their human resources skills and technological infrastructure so that they improve their operational efficiency and quality of management information systems.

MoUs have also been signed with the Governments of the ten other States of Gujarat, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Uttaranchal, Chattisgarh, Goa, Maharashtra and Haryana.

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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