Multiple Choice Questions on Consider the following statements with reference to cooperative banks in India They are registered u........... for General Knowledge ( All Exams) Preparation

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Multiple Choice Questions

Consider the following statements with reference to cooperative banks in India They are registered u...........

Economic and Social Issues Rural Banking and financial institutions
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    Consider the following statements with reference to cooperative banks in India

    1. They are registered under the States Cooperative Societies Act.
    2. They are regulated by the Reserve Bank of India (RBI) and governed by the Banking Regulations Act 1949.

    Which of the above statement(s) is/are correct?

     

    1 only

    Incorrect Answer

    2 only

    Incorrect Answer

    Both

    Correct Answer

    None

    Incorrect Answer
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    Explanation:

    Cooperatives are regulated by dual control currently

    • Co-operative banks in India are registered under the States Cooperative Societies Act. 
    • The Co-operative banks 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.

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