Saraswat, Cosmos to seek RBI approval for universal banking licences

Saraswat Co-operative Bank and Cosmos Co-operative Bank are set to seek the Reserve Bank of India’s (RBI’s) approval to convert into full-fledged commercial banks. 

The two leading urban co-operative banks (UCBs) — with over 100 years of history each — will be the first to seek the central bank’s nod after the revisit of regulations pertaining to the sector.

Saraswat Bank is expected to put forward its application to the central bank by the second half of 2020-21, while Cosmos Bank is 

currently in the process of tightening its information technology systems, particularly on the payments and remittances front. 

Both banks