A proposal to induct officers from the Reserve Bank of India on deputation into Maharashtra’s Cooperation Department has received strong appreciation from regulators and sector stakeholders.
The idea, mooted by Maharashtra State Cooperative Bank Administrative Board Chairman Vidyadhar Anaskar, was widely welcomed during a high-level meeting held in Mumbai on Thursday with officials from the RBI and National Bank for Agriculture and Rural Development.
The proposal comes against the backdrop of dual regulation of cooperative banks, where urban cooperative banks, state cooperative banks, and district central cooperative banks are governed by both the Cooperation Department and the RBI. Aligning state-level policies with RBI’s evolving regulatory framework has been a persistent challenge.
Recently, the RBI issued comprehensive new directions for these banks, replacing earlier circulars. Ensuring effective implementation of these updated norms, along with capacity building of staff and board members, has become crucial.
In this context, bringing experienced RBI officers on deputation is seen as a practical solution to strengthen policy alignment, improve regulatory understanding, and enhance training within the cooperative sector. Notably, it was indicated during discussions that the RBI may provide such officers to the state government without any financial burden.
The proposal is now expected to be taken up for consideration by the Maharashtra Cooperation Department, with stakeholders viewing it as a significant step towards better governance and regulatory coordination in the cooperative banking sector.
