The Reserve Bank of India (RBI)’s expert committee on primary (urban) co-operative banks (UCBs) has recommended a regulatory nudge for weak UCBs to explore voluntary merger or conversion into a non-banking society at an early stage.
RBI: EC advocates differentiated regulations for small & large UCBs indiancooperative.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiancooperative.com Daily Mail and Mail on Sunday newspapers.
Sahakar Bharati demands more time for Expert Committee on UCBs
Term ending on June 8; experts failed to submit views due to Covid
Sah Bharati has demanded an extension of two more months in the time-frame for the Expert Committee, constituted by RBI to strengthen urban cooperative banks to submit its reports.
In a letter to the RBI Governor which is jointly signed by the Sahakar Bharati President and the National General Secretary, the leaders have said that due to Covid conditions and the continued surge of Covid infections, it has not been possible for many UCBs, Academicians,Co-operators, etc to submit their views to the Committee.
Following the promise made recently by RBI Governor Shaktikanta Das, RBI announced on Monday the constitution of an Expert Committee on UCBs, which will be chaired by N S Vishwanathan, Former Deputy Governor.
There is also a representative in the Expert Committee from the co-operative sector. Nafcub President Jyotindra Mehta has been made as one of the members in the committee.
The committee comprises Chairman, six members and a convenor. Besides Vishwanathan, Harsh Kumar Bhanwala, the former Chairman of NABARD, Mukund M Chitale Chartered Accountant, retired IAS officers NC Muniyappa and RN Joshi IAS (Retired), Prof MS Sriram, IIM Bangalore, Jyotindra M. Mehta- President of NAFCUB (National Federation of Urban Cooperative Banks and Credit Societies) are the members and Neeraj Nigam- Chief General Manager-in-Charge of RBI’s Department of Regulation is convenor.