A PMC Bank depositor display a placard during a protest outside the RBI building in Mumbai Telegraph file photoThe central board of the RBI on Friday discussed in detail the regulatory and supervisory architecture of commercial and co-operative banks against the backdrop of the Rs 4,500-crore scam at the PMC Bank. The meeting of the central board, held in Chandigarh, came a day after finance minister Nirmala Sitharaman announced the setting up of a panel to recommend legislative changes to ensure better governance at the co-operative banks. Besides, the board reviewed the current economic situation, global as well as domestic challenges, and various areas of operations of the Reserve Bank of India (RBI). The board, chaired by RBI governor Shaktikanta Das, also discussed the role of payments banks and small finance banks in enhancing financial inclusion. A strategy sub-committee of the central board of directors has been formed, the statement said.

Source: The Telegraph October 11, 2019 19:30 UTC