Gautam Thakur, the young Chairman of India’s leading urban cooperative bank– Saraswat Bank has been nominated to a Select Committee of Reserve Bank of India (RBI) as an Advisor Member.
The Reserve Bank of India has set up the second Regulations Review Authority to review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation.
Thakur is the lone representative from the UCB fraternity. The RRA, as it is called, consists of who’s who of banking sector as its members. The Committee which is to be headed by S. Janakiraman, MD of State Bank of India would initially function for a period of one year from May 01, 2021.
Reacting to a query from the Indian Cooperative, Gautam Thakur confirmed the news and wrote in a message “Nominated as an Advisor Member to a Select Committee of Reserve Bank of India (RBI).”
Earlier also RBI had set up a Regulations Review Authority (RRA) in 1999. This is the second RRA. RRA job is to review the regulations and circulars and amend them on the basis of feedback received from them whom RBI regulates.
Thakur and others are members of an Advisory group created by the 2nd RRA to help it. Besides SBI MD and Thakur, T. T. Srinivasaraghavan, Former MD & Non-Executive Director, Sundaram Finance, Subir Saha, Group Chief Compliance Officer, ICICI Bank, Ravi Duvvuru, President & CCO, Jana Small Finance Bank and Abadaan Viccaji, Chief Compliance Officer, HSBC India are the members of this Advisory Group.
Deputy Governor M Rajeshwar Rao of RBI has been appointed as the Regulations Review Authority. The Advisory Group seeks to invite feedback from all the stakeholders through e-mail latest by June 15, 2021.
It bears recall that Saraswat Bank was adjudged as the 2nd best bank in India in the World’s Best Banks 2020 survey conducted by the Forbes magazine.
The largest UCB in the country-Saraswat is also credited for successful marriage of tradition with modernity. While the Bank has done well so far as technological advancement is concerned, it has not overlooked the power of personal touch-the cornerstone of co-operative banking in its operations.
