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RBI invites UCBs’ comments on draft circular

The Reserve Bank of India has released a draft circular on ‘Issue and regulation of share capital and securities – Primary (Urban) Cooperative Banks’, inviting comments from urban cooperative banks, sector participants and other interested parties by 31 August. The Banking Regulation (Amendment) Act, 2020 has inter alia, made amendments in the Section 12 of the Banking Regulation Act, 1949 read with Section 56 thereof. As the amendments have come into force for state cooperative banks and district central cooperative banks from 1 April 2021, comments on the draft circular are also invited from these entities and rural cooperative banking sector as to whether a similar approach on the issue and regulation of share capital and securities is warranted for these entities. Feedback on the draft circular is to be sent by email to the central bank.

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