Blacklisting of banks by UK to hit students, co-op banks

Hyderabad, Oct. 28: 

Students aspiring to study in the UK are likely to face hardships due to blacklisting of about 1,950 Indian banks by the UK Border Agency for visa-related purposes.

Most of the blacklisted banks are cooperatives located in rural and semi urban areas.

The parents of students hailing from rural and semi-urban areas have a tendency to maintain accounts in cooperative banks, this will hit them, say experts.

“Now, the students applying for visas will have to rely on a handful of banks in which they may not operate accounts,'' Ms Sridevi, a senior functionary of Visu International Ltd, an agency which offers consultancy in admissions abroad and visa process.

The visa applicants will have to attach a financial statement for the purpose of verifying applicants' maintenance funds under Tier 4 of the points-based system.

The UK Border Agency maintains a list of financial institutions in some countries that do not satisfactorily verify financial statements. This is the

Central Govt. DA Order - Pre revised scale

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Central Govt Order - revised DA - Pre revised scale

Q&A: Y H Malegam, Chairman, RBI panel

Y H Malegam, chairman of the Reserve Bank of India’s panel on the licensing of new banks in the urban co-operative sector, in conversation with Abhijit Lele, gives his assessment of changes in the sector. Edited excerpts:
The panel has suggested allowing setting up of new urban banks in the co-operative sector. What issues impacting their working?
There is the issue of dual control. Action against the management, etc, can only be taken by the registrar of co-operatives (RoC). That registrar is often subject to political and other pressures. RBI, which is responsible for banking supervision, makes an inspection, finds problems but is not able to enforce discipline because it has to always go through the registrar. The situation has improved after RBI and state governments formed a task force of urban banks (Tafcub) to coordinate work on improving the financial health and management of urban banks.
Tafcub panels have been operating for four-five years. Is their work satisfactory? Can we allow new banks?
There has been significant improvement in the health of urban banks but the process is still time-consuming. What we have said is when you look upon a co-operative bank, conceptually you say it is a co-operative which owns the bank. Therefore, you can get out of the