The commissioner & registrar of co-operatives has directed all urban co-operative banks (UCBs) in the state to amend their bye-laws so as to co-opt two independent professional directors on their boards.
This directive by the commissioner comes in the wake of the Reserve Bank of India advising the UCBs to ensure that, at all times, their board has at least two directors with suitable banking experience (at middle/ senior management level) or with professional qualifications, that is chartered accountants with bank accounting/ auditing experience.
Low level of professionalism of the board of directors of UCBs is one of the main reason for their weakness.
Though the office of the commissioner has heeded the central bank
