business π¦ Only 3 Co-ops meet RBI's big deposit mark
The RBI's draft guidelines for 'on-tap' UCB licensing have set a high deposit threshold. Currently, Buldana Urban Co-operative Credit Society, Lokmanya Multipurpose Co-operative Society, and Repco Bank are the only three meeting the Rs 10,000 crore deposit criterion. These societies must also meet net worth of Rs 300 crore and CRAR of at least 12%. The framework also demands strict governance and 'fit and proper' director criteria. Licenses will only be granted after comprehensive regulatory scrutiny on a case-by-case basis.