There are about 1,482 city cooperative banks and 58 multi-state co-operative banks.
New Delhi:
In a bid to guard the curiosity of depositors, the Lok Sabha on Wednesday handed an modification to the Banking Regulation Act to deliver cooperative banks below the supervision of the RBI. The Banking Regulation (Modification) Invoice, 2020 replaces an ordinance that was issued on June 26.
Replying to the talk on the invoice, Finance Minister Nirmala Sitharaman mentioned this laws is for depositors’ security and never for undermining powers of the Registrar of Cooperative Societies.
Powers of the Registrar of Cooperative Societies haven’t been encroached upon, however banking exercise of cooperatives shall be regulated by the Reserve Financial institution of India (RBI), she mentioned.
City cooperative banks and multi-state cooperative banks shall be introduced below the RBI’s supervision course of relevant to business banks.
There are about 1,482 city cooperative banks and 58 multi-state co-operative banks, with a depositors base of about 8.6 crore.
