Free Press Journal reports some leaders including BJP leader Devendra Fadnavis in Maharashtra are likely to urge the RBI Governor Shaktikanta Das to end all curbs on state and district central cooperative banks.
They would want the apex bank to allow Mumbai District Central Co-operative Bank to finance self-redevelopment projects as they fall under “commercial real estate” category.
It bears recall that Parliament in September passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI.
There are 1,482 urban cooperative banks and 58 multi-state cooperative banks having about 8.6 crore depositors with a total savings deposit of about Rs 4.85 lakh crore.
The decision becomes important given a series of scams affecting lakhs of depositors.