|The Reserve Bank of India has constituted a High Powered Committee under the Chairmanship of Shri R.Gandhi, Deputy Governor, Reserve Bank of India to re-examine and recommend appropriate set of businesses, size, conversion and licensing terms for the Urban Cooperative Banking Sector. This was pursuant to the recommendation made by the Standing Advisory Committee (SAC) on UCBs in its meeting held on October 20, 2014.
It may be mentioned here that SAC is an advisory body convened by the Reserve Bank of India periodically. It is chaired by DG-in-charge of the Department of Cooperative Bank Regulation (DCBR) and has representatives from the sector, Registrars of Co-operative Societies of select States and IBA as its members.
The composition of the High Powered Committee will be as under: –
Shri R Gandhi, Deputy Governor, Reserve Bank of India – Chairman
Shri M.A.Narmawala, Commissioner for Co-operation & Registrar of Cooperative Societies, Gujarat
Shri M.V.Tanksale, Chief Executive, Indian Banks’ Association
Dr. M. L. Abhyankar, President, National Federation of Urban Co-operative Banks (NAFCUB)
Shri S.K.Banerji, Managing Director, Saraswat Cooperative Bank Ltd
Shri D Krishna, Former Chief Executive, NAFCUB
Smt. Suma Varma, Principal Chief General Manager, DCBR, Reserve Bank of India will be the Member Secretary.
Shri Joseph Raj, Joint Legal Adviser, Legal Department, Reserve Bank of India shall be a permanent invitee.
The terms of reference of the High Powered Committee are:
The Committee will submit its report within three months from the date of its first meeting. Department of Co-operative Bank Regulation will provide the necessary secretarial assistance to the Committee.
Press Release : 2014-2015/1610