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July 5, 2001
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Money > Business Headlines > Report July 5, 2001 |
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RBI panel to screen new co-op bank pleasBS Banking Bureau The Reserve Bank of India has set up a four-member screening committee to clear all fresh applications for setting up urban co-operative banks. This is significant since the central bank has not given nod to any new application ever since the Madhavpura Mercantile Co-operative Bank crisis has broken out even though some of the rejected applications are believed to be forwarded by the finance ministry for reconsideration. RBI is not willing to clear new applications unless the dual control on the co-operative sector is removed. M G Bhide, former Bank of India chief and chairman of the Pune-based National Institute of Bank Management is one of the members of the screening panel. Other members of the committee are G Ramachandran, former union finance secretary, a former Nabard chairman and a former official of the comptroller and auditor general. The RBI, which hitherto was vetting all the applications for starting banking ventures in the co-operative sector along with the state and central level agencies, will delegate licensing powers to the said committee pending sorting of the dual regulatory regime. The apex bank wants the dual regulatory control -- involving RBI and registrar of co-operative societies -- of the co-operative banks resolved soon. The RBI is also toying with the idea of setting up a separate board for supervising the functioning of the co-operative banks. This step could be seen as a move to get out of the rigours of inspecting and supervising the 2,000 odd urban co-operative banks. Powered by YOU MAY ALSO WANT TO READ:
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