The former Minister and president of National Federation of Urban Cooperative Banks and Credit Societies Ltd. H.K. Patil has said that the Seventh Pay Committee for urban cooperative banks had recommended pension scheme for employees, special allowances for rural employees and pay hike.
Mr. Patil was speaking after inaugurating a two-day State-level training programme, organised for urban cooperative bank employees and officials, on the Hubli Urban Cooperative Bank premises here on Wednesday.
He said that the pay committee had made major recommendations pertaining to pension scheme, special allowance of Rs. 700 for employees serving in rural areas, and 17 to 29 per cent hike in salaries of employees of all urban cooperative banks.
Around 95 per cent of the banks had accepted the recommendations.Mr. Patil said that although urban cooperative banks faced several problems earlier, they had managed to solve them with proper planning.
Lower rates
He said that the progress achieved by cooperative banks in financial inclusion had shown the way for other banks to follow, adding that cooperative banks had played a significant role in helping farmers and the agricultural sector by providing loans at lower interest rates.
Mr. Patil said that urban cooperative banks in Karnataka had achieved 95 to 96 per cent loan recovery.Ophthalmic surgeon M.M. Joshi said that with the advancement of technology, cooperative banks too had registered progress through proper use of technology. Officials of the Reserve Bank of India, Bangalore, R. Sequeira and Usha, and the former Minister A.M. Hindasgeri were present.
