ENA Sectors 2018-06-07 11:21:42 <p><strong>Mumbai, June 7 (KNN) </strong>Urban Co-operative Banks (UCBs) can now voluntarily convert themselves into Small Finance Banks (SFBs) after fulfilling certain criteria, said RBI.</p> <p>The Reserve Bank of India (RBI) has opened the doors for urban co-operative banks (UCBs) to convert into small finance banks giving them freer access to branches and opening up a larger market for these lenders which are so far local in nature. </p> <p>The High Powered Committee on Urban Cooperative Banks (UCB), chaired by R. Gandhi, the then Deputy Governor of Reserve Bank, had, inter alia, recommended the voluntary conversion of large Multi -State UCBs into Joint Stock Companies and other UCBs which meet certain criteria into SFBs.</p> <p>Taking these recommendations into consideration, it has been decided to allow voluntary transition of UCBs meeting the prescribed criteria into SFBs.</p> <p>The detailed scheme will be announced separately, RBI said in its post policy developmental and regulatory announcements.</p> 20019 http://knnindia.co.in/news/newsdetails/sectors/rbi-allows-co-operative-banks-to-convert-into-small-finance-lenders 2018-06-07 11:21:42 knnindia.co.in