RBI Governor Shaktikanta Das, in his announcement following the Monetary Policy Committee’s decision on Friday, revealed that the Reserve Bank of India has made the decision to raise the existing limit for gold loans under the Bullet Repayment scheme (BRS) for Urban Co-operative Banks (UCBs). This limit will be increased from Rs 2 lakh to Rs 4 lakh, but it applies specifically to UCBs that have successfully achieved the overall target and sub-targets set under the Priority Sector Lending (PSL) as of March 31, 2023.
He said: “This measure is in pursuance of our earlier announcement that suitable incentives shall be provided to UCBs that have met the prescribed PSL targets as on March 31, 2023.”
Framework for Recognition of SROs for REs
Self-Regulatory Organisations (SROs) can play an important role in strengthening compliance culture among their members and also provide a consultative platform with the Reserve Bank for policy making. Das added: “Therefore, it has been decided to issue a draft omnibus framework for recognising SROs for various categories of Regulated Entities (REs) of the Reserve Bank for stakeholder comments. Additional sector specific conditions may also be prescribed at the time of calling for applications.”