.........As the Reserve Bank of India (RBI) looks after the banking side of the UCBs, the minister said besides strengthening legal provisions, the RBI should look to “restrict the lending aspects of such banks, making provisions of narrow banking or even canceling of their banking licenses.” Like scheduled commercial banks, many cooperative banks have been accused of violating anti-money laundering norms (set up by the RBI) and KYC norms with impunity. A big drawback in effectively controlling UCBs is the duality of control. While RBI regulates deposit mobilisation, loan grants, etc. a bulk of the functions is government-controlled through the multi-state cooperative societies or state cooperative societies.............
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