Letter to BS: Dual regulation of urban cooperative banks must end

It is time the interests of depositors, who are often pensioners, salaried persons and small businessmen, are rigorously protected

This refers to “SC to hear plea to protect PMC customers tomorrow” (October 17). I feel the system of dual regulation of urban cooperative banks (UCBs) must end. They must be regulated by the central bank. The control of management, administration, personnel by the state/central registrar of societies must end. The central registrar as a government department is too closely linked to the dominant political group/ management and allegedly creates impediments in the smooth functioning of banks. Half-way houses like the proposed board of management will not work. 

Second, it is time that the deposit insurance cover be increased to cover