Orissa sings MoU with RBI for revival of Urban Co-operative Banks

The state government has singed memorandum of understanding (MoU) with Reserve Bank of India over revival of Urban Co-operative Banks (UCBs) in the state.

The secretary, co-operation department of the Orissa government, Taradatt and executive director, RBI, V S Das signed the document on Tuesday.

As per the MoU, the RBI constitued a State Level Task Force (TAFCUB) for UCBs in Orissa. The RBI constituted TAFCUB would look after the proper functioning and revival of all 14 UCBs in Orissa.

Kaza Sudhakar, regional director (Orissa), Reserve Bank of India, is the Chairman of the task force. K.C.Mohanty, Registrar of Cooperative Societies (RCS), Government of Orissa is its co-chairman of the task force.

This is expected to improve the operational efficiency of the UCBs and quality of management information systems.