India, Nov. 18 -- 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.
In a letter to Finance Minister Nirmala Sitharaman, Marathe also suggested that a broad-based committee should be set up to prepare a vision document and a road map for the cooperative banking sector. 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.
Marathe also raised these issues during his recent meeting with Sitharaman.
"Amend the Bankin...