..........“I feel cooperative banks should actively be involved in financial inclusion because they have an existing presence in rural areas. If we can address whatever their shortcomings are, we should move to upgrade them and they can be a major source of financial inclusion,” says Aditya Puri, managing director of HDFC Bank Ltd. To be sure, RBI in its annual report said that it will try and bring changes to the existing cooperative bank structure by allowing mergers and takeovers of assets and liabilities of negative-net worth banks without the acquiring bank having to bear the burden of the loss. “At present, conversion of a UCB (urban cooperative bank) into a commercial bank is not permitted. The Reserve Bank plans to engage with the government of India for enabling legal changes to help large and willing multi-state urban cooperative banks to convert themselves into commercial banks,”..........
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