an alarmist scenario as exaggerated. in any case, rather than adjusting the voting mechanism, it would be better for the eurosystem to confine itself once again to its proper and primary task : managing monetary policy with the aim of ensuring price stability. the redistribution of risks is a task for fiscal policymakers, who have the necessary democratic legitimacy and are answerable to parliament and, ultimately, to the voters. that is straight out of the central banking text book. but in reality, risks will be redistributed and our representative will be outside the room. what matters is taking part in the meetings where decisions are made – all members of the ecb governing council are always present and entitled to contribute to the discussion. and the concerns that many people express – the implications of central bank measures for us as taxpayers and for price stability – cannot be allayed by changing the voting mechanism. bis central bankers ’ speeches you have often been a lone voice anyway in many of the decisions made by the ecb governing council. why have you not been able to make your views prevail in the past? in such a fundamental debate about the role of monetary policy, a number of factors play a role, one of which is doubtless the national traditions and history that shape each and every one of us. but nor can one always escape the influence of the economic situation in one ’ s own country. it makes a difference whether 50 per cent of young people are out of work back home or whether there is almost full employment. however, i do not have the feeling that my arguments are not coming across in the discussions. many of my concerns are shared by colleagues on the governing council. you are the only one voting against! that is far from being true of all decisions. however, when it comes to measures which might be seen as monetary financing of governments, i believe it is particularly important to take a principled stand. but even then the majority on the governing council factors into its decisions concerns which i have put forward. and if you want to mop up the flood of money, the others say : we would rather have five per cent inflation than five per cent unemployment? you seem to be suggesting that my colleagues are not sticking to our mandate. we all feel duty - bound to price stability. and according to our most recent projections, the inflation rate is likely to fall back to below 2 per cent in the next two years. to ensure continuing price stability thereafter, we will have

scheduled ucbs, permission to offer internet ( view only ) facility to all ucbs, enhancement of limit under the scheme of bullet payment of gold loans from ₹ 1. 00 lakh to ₹ 2. 00 lakh, permission to offer demat account trading facility and liberalization of opening of off - site atm are some of the steps taken by rbi to strengthen the sector. 17. more avenues have been provided for ucbs to earn fee based income. accordingly, ucbs are now allowed to undertake point of presence ( pop ) services under pension fund regulatory and development authority ( pfrda ), act as pan service agent ( psa ) for providing pan issuance services to its customers and issue “ semi - closed pre - paid payment instruments ” permitting payment of utility bill / essential services up to a limit of ₹ 10, 000 / 18. rbi has been conducting seminars / workshops / focused training sessions for directors / officers / staff of ucbs. this is an on - going exercise and our goal is to ensure that all directors are covered under the training programme at the earliest. 19. it was decided to make it mandatory to conduct the statutory audit of ucbs with a deposit base of above ₹ 250 million by statutory auditors ( sas ) who will be qualified chartered accountants. however, it was observed that there were large divergences between the audited financial parameters of ucbs and that assessed by inspecting officers. as statutory audit is one of the important inputs based on which on - site supervision is conducted, it is imperative to improve and strengthen the quality of reports of sas. it has therefore been decided to hold workshops / seminars for sas to sensitize them with irac norms issued by rbi. institute of chartered accountants of india ( icai ) is also being advised to prescribe a standard format for statutory audit report of the ucbs. steps taken for strengthening the regulation and supervision of the sector 20. rbi moved to camels pattern of rating of ucbs w. e. f. march 31, 2011 in lieu of earlier system of grading. with the switchover to rating system, there were 697 ucbs in c & d rating which constituted 42. 47 % of the total ucbs as on march 31, 2011. the number of c & d rated ucbs has declined to 339 constituting 21. 50 % of total number of ucbs as at the end of march 31, 2015. the number of ucbs in a & b rating increased from 94