New licensing regime for UCBs in the pipeline

Source: Business Standard What is the news? A brand-new licensing regime for urban co-operative banks (UCBs) is on the cards for financially sound and well-managed co-operative credit societies. This comes 17 years after the Reserve Bank of India (RBI) stopped issuing them.  Expected Reforms in UCBs Constituting a board of management (BoM) for UCBs with… Continue reading New licensing regime for UCBs in the pipeline

Ministry of Cooperation – Explained, pointwise

Introduction In a recent move, a separate Ministry of Cooperation was created by the Government of India for realizing the vision of ‘Sahkar se Samriddhi’. As per the government, the Ministry of Cooperation would work towards strengthening the cooperative movement in India. Also, the creation of this ministry is in line with the Finance Minister’s… Continue reading Ministry of Cooperation – Explained, pointwise

Urban, multi-State cooperative banks to come under RBI supervision

News: The Central government has approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the Reserve Bank of India(RBI). Facts: Aim: To empower more security to depositors and to prevent instances of fraud and serious financial irregularities such as the major scam at Punjab and Maharashtra Co-operative(PMC) Bank… Continue reading Urban, multi-State cooperative banks to come under RBI supervision

Cabinet Clears Amendments To Ensure Greater RBI Control Over Cooperative Banks

News:The Union Cabinet has approved amendments to the Banking Regulation Act to give the Reserve Bank of India greater control over cooperative banks. Facts: Key provisions of the amendments: Cooperative banks will be brought under the regulation of the RBI.  The RBI will have the power to supersede and take control of the cooperative banks… Continue reading Cabinet Clears Amendments To Ensure Greater RBI Control Over Cooperative Banks

RBI directs large co-op banks to report all exposures above Rs.5 crore

News:The Reserve Bank of India(RBI) has directed large cooperative banks to report all aggregate exposures of Rs.5 crores and more to Central Repository of Information on Large Credits(CRILC). Facts: About CRILC: The Reserve Bank of India has created a CRILC of commercial banks, certain Non-Banking Financial Companies (NBFCs) and All India Financial Institutions(AIFIs). CRILC collects,… Continue reading RBI directs large co-op banks to report all exposures above Rs.5 crore