The Reserve Bank of India (RBI) has conferred Scheduled Bank status upon Pune-based Vishweshwar Sahakari Bank.
This milestone signifies the RBI’s renewed commitment to strengthening urban cooperative banks (UCBs) after a hiatus of over two decades in granting such status.
The bank boasts a business mix exceeding Rs 3,800 crore, a net profit of Rs 17 crore, and a network of 30 branches. With the new status, Vishweshwar Sahakari Bank plans to expand its presence in rural areas, leveraging the opportunities that come with being a Scheduled Bank.
The RBI’s decision aligns with the Central Government’s 2023 policy to allow Tier 3 and Tier 4 UCBs to be included in Schedule II of the RBI Act, 1934, making them eligible for scheduled status. This move is part of a broader initiative under the leadership of Union Home and Cooperation Minister Amit Shah to revitalise the cooperative banking sector.
Other UCBs, including Mumbai-based Model Cooperative Bank, Kurmanchal Sahakari Bank in Uttarakhand, Pune People’s Cooperative Bank, Agrasen Cooperative Urban Bank in Telangana, Visakhapatnam Cooperative Urban Bank, and Deogiri Nagari Sahakari Bank, have also shown interest in attaining scheduled bank status.
Achieving Scheduled Bank status not only enhances a bank’s prestige but also provides access to funds at lower rates from the RBI, participation in the clearinghouse system, and the ability to lend to government projects, thereby significantly improving its business potential.
Send news announcements/press releases to:
info@b2bmarketmedia.com
