Mumbai, Feb 15: The Reserve Bank of India (RBI) has constituted an expert committee under the chairmanship of it's former Deputy Governor N.S. Vishwanathan on Primary (Urban) Co-operative Banks.

The eight-member panel will take stock of the regulatory measures taken by the Reserve Bank and other authorities in respect of urban co-operative banks (UCB) and assess their impact over the last five years to identify key constraints and enablers, if any, in fulfilment of their socio-economic objective.

It will also "review the current Regulatory/Supervisory approach and recommend suitable measures/changes to strengthen the sector, taking into account recent amendments to the Banking Regulation Act, 1949," said the RBI statement.

Along with suggesting effective measures for faster rehabilitation and resolution of UCBs and assess potential for consolidation in the sector, the committee will also consider the need for differential regulations and examine prospects to allow more leeway in permissible activities for UCBs with a view to enhance their resilience.

The other members of the committee include former NABARD Chairman Harsh Kumar Bhanwala, Mukund M. Chitale, who is a Chartered Accountant, M.S. Sriram, of IIM Bangalore among others.

The panel will also draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the principles of cooperation as well as depositors' interest and systemic issues.

The committee will submit its report within three months from the date of its first meeting, the statement said.

(The above story first appeared on LatestLY on Feb 15, 2021 04:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).