Cooperative Banks to Come Under RBI Purview
- On 5th February, 2020, the Union Cabinet approved amendments to the Banking Regulation Act, which will empower the RBI to have regulatory oversight over cooperative banks.
- Cooperative banks are currently under the dual control of the Registrar of Cooperative Societies and RBI. While the role of registrar of cooperative societies includes incorporation, registration, management, audit, supersession of board and liquidation, RBI is responsible for regulatory functions such maintaining cash reserve and capital adequacy, among others.
- The amendments will apply to all urban co-operative banks and multi-state cooperative banks.
- The government has taken this move in the wake of the Punjab and Maharashtra Co-operative ....
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