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Satish Marathe wants RBI to regulate UCBs

Satish Marathe, central board director of the Reserve Bank of India, has suggested to the government that it give full powers to the RBI to regulate urban cooperative banks in the country. The suggestion comes in the wake of the collapse of Punjab and Maharashtra Cooperative Bank in Mumbai. Marathe has written a letter to finance minister Nirmala Seetharaman in this regard. He has also sought the setting up of a committee with members from the RBI, finance ministry, agriculture ministry and at least two leading cooperative functionaries to prepare a vision document and a road map for the cooperative banking sector in the country. He has said the government should consider amending the Banking Regulation Act to provide full regulatory powers to the RBI to regulate all urban cooperative banks – all scheduled and non-scheduled, irrespective of their being registered under respective state cooperative act or the multi-state Cooperative societies act. He maintained that simply amending the multi-state cooperative societies act will not be enough.

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