RBI sets up panel to suggest steps for strengthening, consolidating urban cooperative banks
Photo Credit: PTI
The Reserve Bank on Monday set up a committee to draw a vision document for strengthening urban cooperative banks (UCBs) and exploring the potential of consolidation in the sector.
The committee, to be headed by former RBI Deputy Governor N S Vishwanathan, will suggest effective measures for faster rehabilitation and resolution of Urban Cooperative Banks (UCBs) and also assess their potential for consolidation in the sector. The panel will draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors interest and systemic issues, said the terms of reference of the committee which will be required to submit its report to the RBI in three months.
RBI sets up panel to suggest steps for strengthening, consolidating urban co-operative banks
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Last Updated: Feb 15, 2021, 04:15 PM IST
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Synopsis
The panel will draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors interest and systemic issues, said the terms of reference of the committee which will be required to submit its report to the RBI in three months.
AFP
Mumbai: The Reserve Bank on Monday set up a committee to draw a vision document for strengthening urban co-operative banks (UCBs) and exploring the potential of consolidation in the sector. The committee, to be headed by former RBI Deputy Governor N S Vishwanathan, will suggest effective measures for faster rehabilitation and resolution of Urban Cooperative Banks (UCBs) and also assess their potential for consolidation in the sector.
RBI forms expert committee for urban co-operative banks to strengthen sector
The committee will also review the current regulatory approach and recommend suitable measures to strengthen the sector.
BusinessToday.In | February 15, 2021 | Updated 23:00 IST
The committee, under the chairmanship of former RBI Governor N. S. Vishwanathan, will take stock of the regulatory measures taken by the RBI and other authorities in respect of UCBs.
The Reserve Bank of India (RBI) on Monday constituted an eight-member expert committee on Primary (Urban) Co-operative Banks (UCBs) to examine issues and provide a road map for strengthening the sector.
The committee, under the chairmanship of former RBI Deputy Governor N. S. Vishwanathan, will take stock of the regulatory measures taken by the RBI and other authorities in respect of UCBs and assess their impact over the last five years to identify key constraints and enablers in fulfillment of their socio-economic objective.
Updated Feb 15, 2021 | 19:35 IST
RBI had first announced that it will be setting up the expert committee as part of the monetary policy statement on February 5, to provide a medium-term road map to strengthen the sector. Representational Image | Photo Credit: IANS
Key Highlights
Former RBI Deputy Governor NS Vishwanathan has been appointed as the Chairman of the committee
The committee has been directed to submit its report within three months from the date of its first meeting
The Reserve Bank of India (RBI) said on Monday that it is has constituted an expert committee on Urban Co-operative Banks (UCBs) in a bid to strengthen and examine the issues within the sector. Former RBI Deputy Governor NS Vishwanathan will be the chairman of the eight-member committee, said RBI in a press
RBI sets up eight-member panel to strengthen UCB sector
February 15, 2021
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The Reserve Bank of India (RBI) has set up an eight-member expert committee to examine the issues and to provide a road map for strengthening the urban co-operative banking (UCB) sector, including suggesting effective measures for faster rehabilitation/ resolution of these banks and assess potential for consolidation in the sector.
The committee, headed by NS Vishwanathan, former Deputy Governor, RBI, will leverage on the recent amendments to the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) to review the current regulatory/supervisory approach and recommend suitable measures/changes to strengthen the sector.