Call Us Now

+91 9606900005 / 04

For Enquiry

legacyiasacademy@gmail.com

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



March 2024
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
Categories