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Reserve Bank of India forms expert panel for urban co-operative banks

The RBI has constituted an expert committee under the chairmanship of its former Deputy Governor N S Vishwanathan

Reserve Bank of India | Co-operative Bank | Banking sector

IANS  |  Mumbai 

Governor Shaktikanta Das has pledged to stay accommodative well into 2021 as he tries to dig the economy out of an unprecedented technical recession
RBI | Representational image

The (RBI) has constituted an expert committee under the chairmanship of it's former Deputy Governor N.S. Vishwanathan on Primary (Urban) Co-operative

The eight-member panel will take stock of the regulatory measures taken by the Reserve Bank and other authorities in respect of urban co-operative (UCB) and assess their impact over the last five years to identify key constraints and enablers, if any, in fulfilment of their socio-economic objective.

It will also "review the current Regulatory/Supervisory approach and recommend suitable measures/changes to strengthen the sector, taking into account recent amendments to the Banking Regulation Act, 1949," said the RBI statement.

Along with suggesting effective measures for faster rehabilitation and resolution of UCBs and assess potential for consolidation in the sector, the committee will also consider the need for differential regulations and examine prospects to allow more leeway in permissible activities for UCBs with a view to enhance their resilience.

The other members of the committee include former NABARD Chairman Harsh Kumar Bhanwala, Mukund M. Chitale, who is a Chartered Accountant, M.S. Sriram, of IIM Bangalore among others.

The panel will also draw up a vision document for a vibrant and resilient urban co-operative having regards to the principles of cooperation as well as depositors' interest and systemic issues.

The committee will submit its report within three months from the date of its first meeting, the statement said.--IANS



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 15 2021. 15:53 IST