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COOPERATIVE BANKS TO COME UNDER RBI PURVIEW

Why in news?

  • The Union Cabinet approved an amendment to the Banking Regulation Act to bring multi-state cooperative banks under the watch of the central bank and prevent a repeat of Punjab and Maharashtra Cooperative Bank-like crisis
  • There are 1,540 cooperative banks with a depositor base of 8.60 crore having total savings of about Rs 5 lakh crore. The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by Registrar of Cooperatives
  • Would be audited according to RBI rules and appointment of CEOs would require prior approval from the central bank



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December 2022
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