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RBI to take sole charge of large urban co-operative banks: Report

Date: 10-12-2019
Subject: RBI to take sole charge of large urban co-operative banks: Report
The Reserve Bank of India (RBI) may soon take the sole charge of large urban co-operative banks (UCBs), ending the issue over dual control of UCBs, the Business Standard reported.

Small UCBs will remain under the ambit of the Registrar of Co-operative Societies (RoCS), the report said.

The move will impact 1,551 UCBS across India, which have a combined business of Rs 7.36 lakh crore.

The central bank and the Ministry of Finance are discussing the matter, a source told the paper.

“The changes are to be incorporated in the Bill (unnamed as yet), which may be introduced in this session of Parliament. Dual regulation will go,” the source added.

Moneycontrol could not independently verify the news.

Under the revised norms, the inspection of the UCBs solely under the Banking Regulation (BR) Act will be done by the RBI while that of other UCBs will be done by the RoCS, the report added.

Both large and small UCBs will get cover from the Deposit Insurance and Credit Guarantee Corporation, the report said.

There is also a suggestion of reconsidering the R Gandhi Committee’s (2015) recommendation of a Rs 20,000 crore threshold for conversion into a commercial bank, the report said.

“Even those below the threshold may be brought under the BR Act,” a source told the paper.

Source: moneycontrol.com

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