The paper has brought to the fore a case for re-orienting the existing banking structure to make it more dynamic and amenable to meet the needs of the economy and had suggested basic building blocks of the re-orientation exercise which inter alia included setting up of specialized/differentiated banks and conversion of Urban Co-operative Banks which meet the necessary criteria into commercial banks or Local Area Banks/small finance banks.
7 / 14  BIS central bankers' speeches  The more benign pre-crisis view of heterogeneity reflected the fact that the direction of travel was at least similar among euro area countries, and not too different from, say, the United States.