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UCBs may come to be solely under provisions of the Banking Regulation Act

By Indian Mandarins- 09 Dec 2019
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It is likely that large urban co-operative banks (UCBs) may come to be solely under the provisions of the Banking Regulation Act. However, the smaller banks among them are to remain within the exclusive fold of the Registrar of Co-operative Societies.

The upcoming changes will bring curtains down on the vexed issue of dual control of UCBs, which has been in vogue for past 54 years. These banks came to be within the ambit of the RBI when certain provisions of the BR Act were extended to them — effective March 1966 — even as the RoCS remained vested with significant change. In the revised scheme, the inspection of the UCBs solely under the Banking Regulation Act will be done by the central bank.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.