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RBI sets up panel for strengthening UCBs

It will draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors’ interest and systemic issues.

By: ENS Economic Bureau | Mumbai |
February 16, 2021 3:13:32 am
It will draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors’ interest and systemic issues.

The Reserve Bank of India has set up of an eight-member expert committee on urban co-operative banks (UCBs) to examine their issues and provide a roadmap for strengthening the sector.

The panel, to be headed by former RBI Deputy Governor NS Vishwanathan, will take stock of regulatory measures taken by the central bank and other authorities in respect of UCBs and assess their impact over last five years to identify key constraints and enablers, if any, in fulfilment of their socio-economic objective, the RBI said.

It will also review the current regulatory and supervisory approach and recommend suitable measures to strengthen the sector, taking into account recent amendments to the Banking Regulation Act, 1949. The panel will also suggest effective measures for faster rehabilitation or resolution of UCBs and assess potential for consolidation in the sector. It will consider the need for differential regulations and examine prospects to allow more leeway in permissible activities for UCBs with a view to enhance their resilience.

It will draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors’ interest and systemic issues.

Exports grow 6.16% in January

NEW DELHI: Merchandise exports grew 6.16 per cent in January, making it the second consecutive month of positive growth in the shipment of goods from the country, revised data released by the Ministry of Commerce and Industry showed on Monday.

The country’s trade deficit, too, narrowed to $14.54 billion last month as exports grew faster than imports (2.03 per cent) in January.

Exports in January were $27.45 billion, compared with $25.85 billion in the same month last year. The country imported $41.99 billion worth of goods last month, up from $41.15 billion in January 2020.

The growth in exports was mainly on the back of a rise in shipments of products like engineering goods, electronic goods , and drugs and pharmaceuticals.

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