Punjab and Maharashtra Cooperative Bank’s depositors hold placards and raise slogans during a protest outside Reserve Bank of India at BKC, in Mumbai. (Source: PTI)
The Reserve Bank of India's attempt to modernise urban cooperative banks is facing opposition, with a member of the regulator's central board raising concerns over certain changes being considered.Since the collapse of Punjab and Maharashtra Cooperative Bank, the RBI has gained greater supervisory and regulatory powers over urban cooperative banks, tightened norms for appointment of top management and boards at these lenders, and put...