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One more deputy governor for RBI

The Centre will soon appoint one more deputy governor at the Reserve Bank of India whose main role would be to primarily deal with the regulatory aspects of the co-operative banks in the country. The apex bank has three deputy governors at present.

Union Minister of State for Finance Anandrao Adsul told reporters that the deputy governor would be appointed in the next one month.

Advocating a single regulatory body for the co-operative sector, he said this was necessary for effective functioning, so also to enhance the people's confidence in the sector.

Adsul had played a prominent role in the co-operative sector of Maharashtra prior to becoming a union minister.

On willful loan defaulters, Adsul said his ministry would soon bring out an ordinance to take possession of the property of such defaulters.

According to one estimate, the total bank finances locked as non-performing assets with the borrowers was in the region of Rs 82,000 crore (Rs 820 billion) in principal and another Rs 40,000 crore (Rs 400 billion) as interest.

The minister earlier, held a meeting with the union representing the Class-III employees of the RBI.

UNI

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