Sahakar Bharati has hailed the decision of the Reserve Bank of India for the constitution of the Expert Committee (EC) for UCBs and has demanded to include co-operators in the Committee.
In the messages sent by Sahakar Bharati, National General Secretary Uday Joshi, he said, “Sahakar Bharati hails the constitution of Expert Committee (EC) for UCBs vide RBI Governor Statement dated 5
th Feb 2021.”
Sahakar Bharati had been constantly pressing for the constitution of the EC, particularly after enactment of Amendments in the BR ACT & fall in the number of UCBs across the country, added Joshi.
However, Sahakar Bharati also expects constitution of a broad-based EC which will consider important points for the overall development of the sector. The EC should have officials & co-operators drafting a vision for the growth of the UCB Sector including issuing of licences for new UCBs.
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
Shivalik Small Finance Bank receives commercial banking license ANI | Updated: Jan 06, 2021 12:41 IST
New Delhi [India], January 6 (ANI/NewsVoir): Shivalik Small Finance Bank (SSFB) announced the receipt of a license from Reserve Bank of India (RBI) to carry on banking business as a Small Finance Bank (SFB) in India.
This marks the successful completion of the last major step in the transition of Shivalik Mercantile Co-operative Bank (SMCB) to a SFB. SMCB is the first Urban Cooperative Bank (UCB) in India to transition to a Small Finance Bank under the voluntary transition scheme.
Highlights: Shivalik is the first and largest multi-state Urban Co-operative Bank in Uttar Pradesh and has been at the forefront of financial inclusion through a technology focussed approach. It is currently serving customers in Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand.
The Reserve Bank of India has imposed, by an order dated December 11, 2020, a monetary penalty of Rs 50.00 lakh on the Urban Co-operative Bank Ltd. No. 1758, Perinthalmanna in Kerala.
The UCB was fined for non-compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and on Management of Advances-UCBs.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of laws on the failure of the bank to adhere to the aforesaid directions issued thereon by RBI.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI.