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The Reserve Bank of India (RBI)-constituted panel on restructuring of urban co-operative banks has called for sweeping changes in their management structures.

It has suggested a restriction on any individual holding more than five per cent stake in the bank, urged banks to follow the code of good corporate governance and recruit two directors with banking experience in the board.

Besides, the UCBs should adhere to a ceiling of 20 per cent on dividend paid out till such time that the bank adheres to the capital adequacy nor