As announced in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on February 05, 2021, Reserve Bank of India (RBI) had, on February 15, 2021, announced the constitution of an Expert Committee on Primary (Urban) Co-operative Banks under the chairmanship of Shri N. S. Vishwanathan, former Deputy Governor, Reserve Bank of India. The Expert Committee was required to examine the issues and to provide a road map for strengthening the sector, leveraging on the recent amendments to the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies).

The Committee has since submitted its report, a copy of which is being placed on the RBI website today for comments of stakeholders and members of the public. Comments on the report may be submitted by September 30, 2021 through email. RBI will examine the comments and suggestions before taking a final view on the recommendations made by the Committee.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/729