NEW DELHI : RBI Central Board Director Satish Marathe has asked the government to give full powers to the Reserve Bank of India to regulate all urban cooperative banks in the wake of lakhs of depositors facing hardship in withdrawing their entire sum from scam-hit PMC Bank. He also said the committee should constitute officials from the Reserve Bank of India (RBI), finance ministry, agriculture ministry, and at least two eminent co-operators. "Amend the Banking Regulation Act to provide full regulatory powers to the RBI to regulate all urban co-op banks viz. On Friday, Sitharaman told reporters that the government would bring a legislation to effectively regulate cooperative banks so that they also follow prudential norms applicable for commercial banks. PMC, which is among the top-10 urban cooperative banks, was placed under an RBI-appointed administrator on September 23 for six months due to massive under-reporting of dud loans.

Source: Mint November 17, 2019 06:45 UTC