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RBI asks banks to refund interest on interest collected during Covid moratorium on loans In a crackdown on political interference, the Reserve Bank of India has barred MPs, MLAs and members of municipal corporations or other local bodies from holding the office of managing director (MD) or whole-time director (WTD) in urban cooperative banks. These directions are applicable to all Primary (Urban) Co-operative Banks (UCBs). The RBI had exempted UCBs with a deposit size of less than Rs 100 crore from the requirement of seeking prior approval of the Reserve Bank for appointment / re-appointment / termination of appointment of MDs or WTDs.

Member of parliamentCentral officeDepartment of supervisionReserve bankCo operative banksCompanies actBanking regulations actRbi bars mpRbi bars mlaRbi cooperation bankScoop bankPolitical interferenceஉறுப்பினர் ஆஃப் பாராளுமன்றம்மைய அலுவலகம்துறை ஆஃப் மேற்பார்வைஇருப்பு வங்கி