Prune UTI officials’ powers — Panel

New Delhi, Dec 28: A Parliamentary panel has recommended pruning of the financial powers of the UTI chairman and the executive committee of its board of trustees.

In its submission, it has said that "the Principle of universal banking is a desirable goal and some progress has already been made by permitting banks to diversify into investments and long term financing as well as to lend for working capital requirements".

RBI has said that DFIs would continue to play a special role in the Financial system till such time that the debt market improves both in terms of liquidity and depth. The central bank has said that any DFI wanting to transform itself into a bank should have the option of conversion subject to the prudential norms specified by the bank.