CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Reserve Bank of India (RBI) announced an adjustment to the qualifying criteria for the inclusion of urban co-operative banks in the second schedule of the Reserve Bank of India Act, 1934. The goal is to put these institutions under an updated regulatory framework.
Revised Regulatory Framework And Categorization
Following the introduction of the Revised Regulatory Framework for Urban Co-operative Banks (UCBs) on July 19, 2022, which included revised UCB categorization rules, the criteria for designating a UCB as Financially Sound and Well Managed (FSWM) were announced. The RBI has decided to harmonize the qualifying criteria for UCBs with the Revised Regulatory Framework.
Government Notifications And Criteria
The Government of India, in a notification dated September 4, 2023, announced that licensed Tier 3 and Tier 4 Primary (Urban) Co-operative Banks that meet the RBI's FSWM requirements are eligible. To be eligible for inclusion in the Second Schedule, UCBs must meet the following requirements-
Capital Adequacy Maintain a Capital to Risk Weighted Asset Ratio (CRAR) that is at least 3% higher than the minimum CRAR required for the UCB.
Regulatory and Supervisory Compliance There are no substantial regulatory or supervisory problems.
Application Process
Eligible UCBs can apply for inclusion in the Second Schedule by submitting the required documentation to the relevant Regional Office of the Reserve Bank's Department of Supervision. The required documents are-
A copy of the resolution approved by the Annual General Body/Board of Directors authorizing the application to the RBI for inclusion.
The bank's major financial details, as well as copies of the last three years' public balance sheets.
Effective Date
The amended instructions shall take effect on the date of the circular, which is January 17, 2024.
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