UCBs: RBI to hold Standing Advisory meeting

The national apex bank Reserve Bank of India which is increasingly facing pressure to cut interest rate in the wake of receding inflation, is meeting the representatives of urban cooperative banks in Mumbai on 20th October.

Known as RBI’s Standing Advisory Committee on UCBs, the meeting is scheduled to be chaired by the Dy Governor Shri R.Gandhi on Monday.

Executive Director Shri V.S.Vishwanathan shall conduct the deliberations. NAFCUB as well as state federations of Maharashtra, Gujarat, Karnataka and Andhra have submitted many issues for consideration of this meeting.

Two of the leading UCBs Cosmos Bank & Saraswat Bank have been invited to participate in the meeting. According to sources these banks have also sent their suggestions.

Besides sector representatives, Registrar of Co-operative Societies of co-operative from four major states viz. Maharashtra, Gujarat, Karnataka and Andhra are also going to participate. Representatives of IBA shall also be the part of the meeting.

This time the Central Registrar of Co-operative Societies is also billed to participate in this SAC meeting.

This SAC meeting is held twice in a year. Last meeting was held on 2nd January 2014