MUMBAI : The Reserve Bank set up a committee on Monday to develop a vision document for strengthening urban cooperative banks (UCBs) and to explore the potential for consolidating the sector.
The committee, which will be headed by former RBI Deputy Governor NS Vishwanathan, will propose “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 draft a vision document for a vibrant and resilient urban cooperative banking sector taking into account the principles of cooperation as well as the interests of depositors and systemic issues,” said the committee’s mandate that will be required. to submit his report to the RBI in three months.
The eight-member group, including former chairman of Nabard Harsh Kumar Bhanwala, will also review the current regulatory and supervisory approach and recommend appropriate measures to strengthen the sector, taking into account recent changes to the 1949 Law on banking regulations.
In accordance with the committee’s mandate, it “will take stock of the regulatory measures taken by the Reserve Bank and other authorities with regard to UCBs and assess their impact over the past five years to identify the main constraints and catalysts, where appropriate, in achieving their socio-economic objective. “
Among other things, the committee will examine the need for differential regulations and examine the prospects for allowing more leeway in permitted activities for UCBs to improve their resilience.
As part of the Development and Regulatory Policy Declaration issued with the Monetary Policy Declaration on February 5, the Reserve Bank announced the establishment of an expert committee on UCBs to examine the issues and provide a roadmap for strengthening the sector, building on recent changes to the Banking Regulation Act 1949.
As a result of this amendment, all urban cooperative banks and multi-state cooperative banks came under the supervision of the Reserve Bank of India.
There are 1,482 urban cooperative banks and 58 multi-state cooperative banks with approximately 8.6 crore depositors with a total savings deposit of approximately 4.85 lakh crore.
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