RBI Central Board discusses regulatory framework of co-op banks amid PMC Bank scam

The Reserve Bank's central board on Friday discussed in detail the regulatory and supervisory architecture of commercial and cooperative banks against the backdrop of Rs 4,500 crore scam at the PMC Bank

Press Trust of India October 11, 2019 19:49:32 IST
RBI Central Board discusses regulatory framework of co-op banks amid PMC Bank scam
  • The meeting of the RBI central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks

  • Besides, the board reviewed the current economic situation, global as well as domestic challenges, and various areas of operation of the Reserve Bank of India (RBI)

  • The board, chaired by RBI Governor Shaktikanta Das, also discussed the role of payments banks and small finance banks in enhancing financial inclusion

Chandigarh: The Reserve Bank's central board on Friday discussed in detail the regulatory and supervisory architecture of commercial and cooperative banks against the backdrop of Rs 4,500 crore scam at the PMC Bank.

The meeting of the central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.

Besides, the board reviewed the current economic situation, global as well as domestic challenges, and various areas of operation of the Reserve Bank of India (RBI).

RBI Central Board discusses regulatory framework of coop banks amid PMC Bank scam

Representational image. Reuters.

"In this context, the board also discussed in detail the current state of the financial sector with special focus on the regulatory and supervisory architecture of commercial and cooperative banks as also NBFCs," the central bank said in a statement.

The NBFC sector has been facing liquidity woes and other headwinds for many months following the IL&FS fiasco last year.

The board, chaired by RBI Governor Shaktikanta Das, also discussed the role of payments banks and small finance banks in enhancing financial inclusion.

The annual activity reports of local boards, various sub-committees of the board and functioning of a few central office departments were also deliberated upon at the meeting.

A strategy sub-committee of Central Board of Directors has been formed, the statement said.

RBI deputy governors NS Vishwanathan, BP Kanungo and Mahesh Kumar Jain attended the meeting.

Other directors of the Board – N Chandrasekaran, Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Ashok Gulati, Prasanna Kumar Mohanty, Dilip S Shanghvi, Satish Marathe, Swaminathan Gurumurthy, Revathy Iyer and Sachin Chaturvedi - also attended the meeting.

Finance Secretary Rajiv Kumar and Economic Afffairs Secretary Atanu Chakraborty too participated in the 579th meeting of the central board.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Amazon Pay, Paytm, PhonePe and 16 other companies become NPCI shareholders
Business

Amazon Pay, Paytm, PhonePe and 16 other companies become NPCI shareholders

National Payments Corporation of India brings onboard new members as part of its shareholding party.

Reserve Bank of India becomes world's first central bank to reach 1 million Twitter followers
India

Reserve Bank of India becomes world's first central bank to reach 1 million Twitter followers

What makes the achievement all the more impressive it that the 85-year-old Reserve Bank was a latecomer to the world of Twitter, creating its account only in January 2012

UK court extends Nirav Modi's remand till 29 Dec, final hearings in Jan 2021
World

UK court extends Nirav Modi's remand till 29 Dec, final hearings in Jan 2021

The jeweller has been in prison in connection with the PNB scam case since his arrest on 19 March, 2019, on an extradition warrant executed by Scotland Yard