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Government of Meghalaya and Government of Manipur sign MOU with RBI

The Government of Meghalaya and Government of Manipur have in may 2008 signed an MOU with the Reserve Bank of India. Memorandum of Understanding is with regard to Urban Co-operative Banks in respective states. Consequent upon this, a State level Task Force for Urban Co-operative Banks (TAFCUB) has been constituted.

Similar MoUs have also been signed with the Governments of the States of Gujarat, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Uttarakhand, Chattisgarh, Goa, Maharashtra, Assam, NCT of Delhi, Haryana, West Bengal, Tripura, Punjab,Uttar Pradesh.

As part of its developmental role, the Reserve Bank would also be assessing the training, computerisation needs of the Urban Co-operative Banks in these states 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.

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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