Cleanup act: Yogi govt to merge govt controlled co-op banks into one entity

A committee has been constituted to provide merger action plan, conduct SWOT analysis

Even as the domestic banking sector is witnessing a massive cleanup exercise, the Yogi Adityanath government has planned to merge all the government controlled cooperative banks into a single entity for better management, efficiency and credit growth.
 
The merger proposal covers UP Cooperative Bank (UPCB), UP Sahkari Gram Vikas Bank (UPSGVB) and 50 district cooperative banks (DCBs). Together, they have a branch network of about 1,800 apart from deposits and advances portfolios of over Rs 160 billion and Rs 150 billion, respectively, at the end of March 2017.
 
UPCBL, which is primarily a refinance agency, sources soft loan