Banking Regulation and cooperative sector

anking Regulation and cooperative sector This refers to the report "Need on-tap licensing of urban cooperative banks" (The Hindu Business Line, March 14). The huge section of deposit mobilisers and lenders other than commercial banks continue to be a puzzle for the Indian financial regulator. Earlier it's solved, the better. Our efforts to institutionalise a credit delivery system for the rural population, beyond bringing out voluminous reports surveying and reviewing rural credit by experts, were not proportionate to our enthusiasm to chase away the traditional money lenders. The financial institutions outside the commercial banks remained segmented, unorganised and inadequately regulated and inefficiently supervised. The dual control by central and state agencies added to the miseries of cooperatives. Even the present legislative initiatives do not address the problems in the rural financial sector adequately. M G Warrier Mumbai

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