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Reserve Bank of India RBI announces constitution of an Expert Committee on Primary (Urban) Co-operative Banks Date :Feb 15, 2021 As part of theStatement on Developmental and Regulatory Policiesreleased along with theMonetary Policy Statement on February 05, 2021, the Reserve Bank has announced setting up of an Expert Committee on UCBs to examine the issues and to provide a road map for strengthening the sector, leveraging on the recent amendments to Banking Regulation Act, 1949 (As Appl
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FAQ :
The committee has been formed to examine issues and provide a roadmap for strengthening the Primary (Urban) Co-operative Banks sector, especially after recent amendments to the Banking Regulation Act, 1949.
The Chairman of the Expert Committee is Shri N. S. Vishwanathan, former Deputy Governor of the Reserve Bank of India.
The committee will assess past regulatory measures, review the current regulatory and supervisory approach, suggest measures for faster rehabilitation and resolution, consider differential regulations, and draw up a vision document for the sector.
The committee is expected to submit its report within three months from the date of its first meeting.
The committee will take into account the recent amendments to the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies).
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Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51130