RBI to set up expert committee for urban co-op banks to strengthen sector
RBI MPC meet: The constitution of the expert committee and its terms would be announced shortly, the apex bank said
BusinessToday.In | February 5, 2021 | Updated 14:03 IST
RBI Monetary Policy meet: Expert committee for co-op banks
RBI Governor Shaktikanta Das, during the Monetary Policy Committee meet announcements on Friday, said that an expert committee will be formed for urban co-operative banks. The expert committee will provide a medium-term roadmap to strengthen the sector. The Primary (Urban) Co-operative Banks are an important segment of the credit structure. The Reserve Bank has undertaken several measures in the recent past to strengthen the Urban Co-operative Banking sector and deepen financial inclusion. The recent amendments to the Banking Regulation Act, 1949 have brought near parity in regulatory and supervisory powers between Primary (Urban) Cooperative Banks and commercial banks, includ
After a turbulent ride last week, wherein benchmark indices lost 5%, markets are expected to remain volatile in this eventful week too as the Union Budget, macro data and RBI policy would be keenly watched by investors. Besides, the ongoing quarterly earnings season would also be in focus, guiding market trajectory. In the last week, the BSE Sensex fell 2,593 points or 5.30 percent to 46,286 and the Nifty50 corrected 737 points or 5.13 percent to 13,635, underperforming the broader markets. Global markets, too, corrected amid concerns over slower rollout of Covid vaccine and valuation concerns. When the markets would open for trading today, the single biggest factor that will determine market mood is the Union Budget. Finance Minister Nirmala Sitharaman is slated to present the Budget for FY22 in the Parliament at 11 am today. This Budget is more so keenly eyed as it comes on the heels of an unprecedented pandemic that changed India s economic landscape.