The Reserve Bank of India Governor Sanjay Malhotra on Wednesday announced two measures to strengthen the cooperative banking sector and a separate proposal to improve transparency in lending rates, at the conclusion of the August Monetary Policy Committee (MPC) meeting.The two cooperative-sector measures include draft guidelines to resume licensing of urban cooperative banks (UCBs) and a comprehensive review of the credit monitoring arrangement for rural cooperative banks, which was last revised in 2008.Separately, the RBI proposed to harmonise and standardise the regulatory framework on interest rates on advances for all regulated entities to enhance transparency in lending rates and strengthen consumer protection.Also Read: Malhotra & Co lift FY27 GDP forecast to 6.7% from 6.6% on growth resilienceThe announcements came after the MPC decided to keep the policy repo rate unchanged at 5.25% and retain its neutral stance. The RBI also raised its FY27 GDP growth forecast to 6.7% from 6.6%, citing resilient domestic economic activity and better-than-expected performance in the first quarter.RBI to resume UCB licensingMalhotra said the RBI will issue draft guidelines for resuming licensing of urban cooperative banks, based on feedback received on its earlier discussion paper on licensing of UCBs.The move will provide a framework for restarting the licensing process for urban cooperative banks, which form an important part of India's cooperative banking system.Rural cooperative bank credit monitoring rules to be reviewedThe RBI will also issue draft directions after a comprehensive review of the credit monitoring arrangement for rural cooperative banks, Malhotra said.The existing arrangement was last revised in 2008. The review takes into account the experience gained and developments in the banking sector since then.The proposed directions are aimed at updating the framework governing credit monitoring in rural cooperative banks in line with changes in the sector over the past 18 years.RBI proposes standardised lending-rate frameworkSeparately, the RBI proposed to harmonise and standardise the regulatory framework on interest rates on advances for all regulated entities.Malhotra said the measure is intended to enhance transparency in lending rates and further strengthen consumer protection.Also Read: Malhotra & Co trim FY27 inflation forecast to 5% as easing crude prices offer reliefThe proposal seeks to bring greater consistency to the regulatory framework governing interest rates on advances across entities regulated by the RBI.West Asia conflict remains key global riskConcluding his MPC statement, Malhotra said global economic conditions and sentiment continue to remain hostage to rapidly changing developments in the West Asia conflict.The conflict has adversely affected India's domestic growth and inflation outlook, but stronger macroeconomic fundamentals are helping the economy navigate the global shock, he said.Malhotra said the situation also presents an opportunity to accelerate measures to enhance India's resilience against external shocks.The RBI will continue to implement policies aimed at facilitating sustainable growth, promoting consumer protection and preserving price stability, financial-system stability and currency stability, he said.“We will do whatever it takes to ensure the same,” Malhotra said.