................The Working Group (WG) set up by Banking Financial Sector Legislative Reforms Commission (FSLRC), has endorsed policy recommendations of the Malegam Committee for creating a new organisation structure for urban cooperative banks (UCBs) to deal with the issue of dual control. The WG headed by Kishori Udeshi, former deputy governor of the Reserve Bank of India said, “any cooperative society accepting deposits exceeding a specified value must fall within the regulator purview of the banking regulator (Reserve Bank of India-RBI).”..............
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