The cooperative banking scenario in the country stands improved as the sector has clocked a double digit growth 13 per cent in its deposits, a top official said.
“The deposits of co-operative banks in the country stood at 1.17 lakh crore up to March 2007, and reached Rs. 1.38 lakh crores up to March 2008, a hike of 12-13 per cent,” National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) CEO D Krishna said.
“We expect the growth in cooperative banking sector to be better this fiscal, especially after RBI’s nod to the cooperative bank to open new branches,” Mr. Krishna said.
Also, the working of cooperative banks in the country is satisfactory now. The 1,770 odd cooperative banks in India today deploy total working capital (deposits and share capital plus reserves) of Rs 1.50 lakh crores in service and have deposits of Rs 1.38 lakh crores up to March 2008,” the NAFCUB Chairman H K Patil told reporters.
“We are looking at setting new targets for deposits in the next proposed General Body Meeting of the Federation on September 22,” Mr. Patil said.
If we want financial inclusion to happen in India, then cooperative sector should be encouraged by the regulators, he said.