The merger of all UP Co-operative Banks for a single state-controlled lender
Uttar Pradesh: The Uttar Pradesh Government decides to the merging all the co-operative banks in the state. The expert panel in the consolidation process suggests that to create it a single controlled lender in Uttar Pradesh.
There will be a merger of more than 1,000 branches which tally the balance sheet near 35,000 crores. Earlier the UP government formed an expert committee to recommend in this matter and the report which is made have been already send for the final all on the proposal of the merger.
Earlier the 16 DCBs from different districts had been served notices by the Reserve Bank of India (RBI) for failing to adhere to the financial and licensing norms. However, the licenses were given to them later.
The proposal is to merge UP Co-operative banks (UPCB), UP Sahkari Gram Vikas Bank (UPSGVB), and 50 district co-operative banks (DCBs). There is a need for the merger for better sustainability and covering the huge losses.
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