{"id":24030,"date":"2020-06-27T06:54:59","date_gmt":"2020-06-27T06:54:59","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=24030"},"modified":"2020-11-01T06:21:27","modified_gmt":"2020-11-01T06:21:27","slug":"cooperative-banks-brought-under-rbi-supervision-through-ordinance","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/cooperative-banks-brought-under-rbi-supervision-through-ordinance\/","title":{"rendered":"Cooperative banks brought under RBI supervision through ordinance"},"content":{"rendered":"\n<p>The Centre has decided to bring all urban and multi-State cooperative banks under the supervisions of the RBI to protect depositors. The Union Cabinet approved an ordinance to this effect.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gkseries.com\/blog\/current-affairs-quiz-2019-daily-gk\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener nofollow\"><strong>Daily Current Affairs Quiz 2020<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key-Points<\/strong><\/h2>\n\n\n\n<p>RBI\u2019s powers on scheduled banks would be hence applicable on cooperative banks as well.<\/p>\n\n\n\n<p>The urban cooperatives and multi-State cooperative banks are 1,540 in number and have a depositor base of 8.6 crore who have saved \u20b94.84 lakh crore<\/p>\n\n\n\n<p>Currently, these banks come under dual regulation of the RBI and the Registrar of Co-operative Societies.<\/p>\n\n\n\n<p>The move to bring these urban and multi-State coop. banks under the supervision of the RBI comes after several instances of fraud and serious financial irregularities, including the major scam at the Punjab and Maharashtra Co-operative (PMC) Bank last year. In September, the RBI was forced to supersede the PMC Bank\u2019s board and impose strict restrictions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cooperative Banking<\/strong><\/h2>\n\n\n\n<p>A Co-operative bank is a financial entity which belongs to its members, who are at the same time the owners and the customers of their bank.<\/p>\n\n\n\n<p>Co-operative banks in India are registered under the States Cooperative Societies Act.<\/p>\n\n\n\n<p>These banks are owned and controlled by the members, who democratically elect a board of directors.<\/p>\n\n\n\n<p>Primary Cooperative Banks, popularly known as Urban Cooperative Banks (UCBs) are regulated and supervised by the Registrar of Cooperative Societies (RCS) of State concerned.<\/p>\n\n\n\n<p>The banking related functions are regulated and supervised by the Reserve Bank under the provisions of the Banking Regulation Act, 1949.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Centre has decided to bring all urban and multi-State cooperative banks under the supervisions of the RBI to protect depositors. The Union Cabinet approved an ordinance to this effect. Daily Current Affairs Quiz 2020 Key-Points RBI\u2019s powers on scheduled banks would be hence applicable on cooperative banks as well. The urban cooperatives and multi-State [&hellip;]<\/p>\n","protected":false},"author":404,"featured_media":24031,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[870],"tags":[64],"offerexpiration":[],"class_list":["post-24030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-2020","tag-reserve-bank-of-india-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/24030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/404"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=24030"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/24030\/revisions"}],"predecessor-version":[{"id":24032,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/24030\/revisions\/24032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/24031"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=24030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=24030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=24030"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=24030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}