MOU with state governments and constitution of TAFCUBs In pursuance of the proposals in the draft vision document, state governments having a large number of UCBs were approached for signing memorandum of understanding (MOU). Some of these state governments have since signed MOUs. The memorandum, in fact, provides the basis for the constitution of Task Force for Urban Co-op.
Banks (TAFCUB) in each State, which is the forum for the consultative decision making process. The TAFCUB has, apart from the representatives of the RBI and the State Government, those of the UCBs sector as well. The MOU also provides for professionalising the audit and the Reserve Bank's role in improving IT and HR levels in the UCBs.