RBI to Set up Committee on Urban Co-op banks

The Reserve Bank of India (RBI) will arrange an skilled committee on Urban Co-operative Banks (UCBs). The committee, involving all stakeholders, will present a medium-term highway map for strengthening the sector, allow quicker decision/rehabilitation of UCBs.

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About the committee:

  • Along with enabling quicker decision of UCBs, the committee can even look at vital elements associated to the city co-op banks.
  • The provisions of the Banking Regulation (Amendment) Act, 2020 have grow to be relevant to Primary (Urban) Co-operative Banks (UCBs) from June 26, 2020.
  • The amendments have introduced close to parity in supervisory and regulatory powers between UCBs and business banks in respect of regulatory powers, together with these associated to governance, audit, and determination.
  • The members of the committee and its phrases of reference haven’t been notified but. It will likely be knowledgeable individually by the RBI.

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