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Current Affairs : November 2014R Gandhi committee of RBI recommends conversion of UCBs into regularbanks

August 22, 2015 No comments

A Reserve Bank of India (RBI) committee has recommendedconversion of Urban Cooperative Banks (UCBs) with businesssize of 20,000 crore rupees or more into regular banks.This recommendation was given by the High PoweredCommittee on UCBs headed by RBI Deputy Governor R Gandhi inits report.

RecommendationsConversion of UCBs will not be compulsory for large UCBs and they can continue theway they operate currently in terms of asset size and balance sheet.Large UCBs can convert themselves into commercial banks in order to minimise thesystemic risk.For conversion, smaller UCBs with business size of less than 20,000 crore rupees whoare willing to convert to Small Finance Banks can apply to the RBI.

Licenses for conversion to operate as UCBs will be issued to well-managed andfinancially sound cooperative credit societies having a minimum track record of 5-years.With the conversion, UCBs will be allowed to grow and proliferate further to meet theobjective of financial inclusion.

BackgroundThe High Powered Committee on UCBs was constituted in January 2015 on therecommendation Malegam Committee (Expert Committee on Licensing of New UCBs

Terms and reference of the committee was to examine and recommend on issues ofconversion of UCBs into commercial banks. The committee work was to examinepermissible business lines and appropriate size of UCBs for conversion purpose.

Tags: Banking • Business • Cooperative Banks • Economy • Financial Inclusion

China’s Yan Bingtao Becomes Youngest Player to Win World SnookerTitle

November 30, 2014 1 Comment

Yan Bingtao, the 14-year-old prodigy from China, has created history by becoming theyoungest player to win the men’s title in the IBSF World Snooker Championship. He

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defeated Pakistan’s Muhammad Sajjad 8-7 in the final matchheld in Bengaluru, Karnataka.Earlier, Yan had defeated 12 time World titles holder PankajAdvani by 6-4 to storm into the men’s semi-finals.Tags: Snooker

PM flags off Meghalaya’s first trainNovember 30, 2014 No comments

Prime Minister Narendra Modi flagged-off the first train fromMendipathar, Meghalaya, to Guwahati. This was an importantoccasion in the history of Indian Railways, as Meghalaya wasbeing added to the rail network of India for first time. He alsounveiled the plaque for a new rail line from Bhairabi to Sairang.Tags: Indian Railways • Meghalaya • Narendra Modi

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Government inaugurate Indian Police Foundationand Indian Police Institute in New Delhi

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