Explanation:

• Recently, the Central government approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the Reserve Bank of India (RBI). The move will empower the RBI to regulate all urban and multi-state co-operative banks on the lines of commercial banks.
• 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.

Administration:

• Co-operative banks in India are registered under the States Cooperative Societies Act. 
• They are also regulated by the Reserve Bank of India (RBI) and governed by the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1955. Hence all statements are correct.