The Reserve Bank of India has today placed on its website, the report of the Working Group on Umbrella Organisation and Constitution of Revival Fund for Urban Cooperative Banks (UCBs). The Working Group (Chairman: Shri V.S. Das, Executive Director) had been constituted in July 2008 to study the structure of umbrella organisations of financial cooperative institutions / banks, as prevalent in other parts of the world, to examine the need and scope for a federated structure / umbrella organisation for UCBs at the State level and to suggest appropriate supervisory and regulatory framework for emergence of such umbrella organisation(s) for UCBs.

The Group interacted with all the federations / associations of urban cooperative banks, a cross section of urban cooperative banks, members of Task Forces for Urban Cooperative Banks and regulators of umbrella organisations abroad before finalising its own recommendations.

The Working Group report has been placed on the RBI website www.rbi.org.in for wider dissemination and comments. Comments and suggestions on the recommendations of the Working Group may please be addressed to the Chief General Manager-in-charge, Urban Banks Department, Reserve Bank of India, Central Office, 1st Floor, Garment House, Worli, Mumbai-400 018 or sent through fax 022 24974030 / 24920231 or emailed within one month from the date of this press release.

Ajit Prasad
Manager

Press Release : 2009-2010/723