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This article is more than 1 year old.

Large urban co-operative banks likely to come under banking act, says report

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The government may bring large urban co-operative banks (UCBs) under the provisions of the Banking Regulation (BR) Act while keep smaller UCBs within the exclusive fold of the Registrar of Co-operative Societies (RoCS).

Large urban co-operative banks likely to come under banking act, says report
The government may bring large urban co-operative banks (UCBs) under the provisions of the Banking Regulation (BR) Act while keep smaller UCBs within the exclusive fold of the Registrar of Co-operative Societies (RoCS), Business Standard reported.
According to the newspaper report, in the revised scheme, the inspection of the UCBs solely under the BR Act will be done by the Reserve Bank of India (RBI), with those of the others being carried out by RoCS.
The new framework will affect 1,551 UCBs in the country which have a total business of Rs 7.36 trillion and will also end the issue of dual control of the UCBs, which has been prevailing for 54 years, the report added.
The Ministry of Finance and the RBI are in advance talks and the changes are to be incorporated in the act, which could be introduced in ongoing winter session of Parliament, the report said, citing a person aware of the development.
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