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Marathe expects Budget to allow 2 decades' stalled license for UCBs


By Satish Marathe
A. Licences for opening new UCBs have not been issued for almost 2 decades. At the same time, Licenses have been issued by RBI to variety of new Banks. Considering the continental size of the Country, the present number of UCBs is too small and several States and Districts do not have even a single UCB.
B. Committee to prepare Vision Document for Urban Co-Op Banks.
A broad-based Committee of Cooperators & Officials is constituted to prepare a Vision Document and a Roadmap with Landmarks for growth and development of the UCB Sector.
C. Credit Guarantee Fund Scheme –
Under the above Scheme, PSU Banks, Private Sector Banks, Foreign Banks, RRBs and even Small Finance Banks are eligible lending Institutions and they get cover under the Guarantee ....

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Pandemic halts foreign bank applications – BSP – Manila Bulletin


Published January 25, 2021, 6:00 AM
The COVID-19 pandemic has put on hold foreign banks’ plan to establish local units or branches in the Philippines.
“As of now, no application to establish foreign bank is received by the FSS (Financial Supervision Sector),” according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier, who heads the FSS.
Before the global pandemic was declared in March last year, there were at least three foreign banks based in Hong Kong, South Korea and Indonesia that were in the preparation stage to set up local branches here.
Since 2014, when Republic Act No. 10641 or An Act Allowing the Full Entry of Foreign Banks in the Philippines amended the previous foreign bank entry law, a total of 12 foreign banks were allowed to set up bank branches in the country. ....

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