CURRENT AFFAIRS

Detailed explanation-1: -Appointment of MD/WTD on temporary basis in UCBs shall be made as per the provisions of Section 10B(9) read with section 56 of the Act. Accordingly, the bank may, with the approval of the Reserve Bank, make suitable arrangements for carrying out the duties of MD/ WTD for a period of not exceeding four months.

Detailed explanation-2: -The Reserve Bank of India (RBI) on Tuesday said managing directors (MDs) and chief executive officers (CEOs) of asset reconstruction companies (ARCs) cannot have more than three terms in office, with each term not exceeding five years.

Detailed explanation-3: -Q. Who manages the registration and management activities of Urban co-operative banks in India? Notes: Registration and Management activities are managed by Registrar of Cooperative Societies (RCS).

Detailed explanation-4: -4.3. The Group notes that the statutes governing public sector banks vest powers with the Central Government to appoint whole-time directors as also majority of the independent / non-executive directors.

Detailed explanation-5: -Reserve Bank of India. The Urban Banks Department of the Reserve Bank of India is vested with the responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks (UCBs).