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| Cooperative Bank - RBI Ordinance |
Latest News on cooperative banks (RBI- Ordinance-2020)
Urban Cooperative banks in India will be under the control Reserve Bank of India as per the Ordinance. The National Cabinet of India gave the sanction for the ordinance. The government of India aims at the better security of investments (deposits) by the customers through this ordinance.
58 Multi state Cooperative banks, 1482 Urban Cooperative banks will be under the control of Reserve Bank of India.
Reserve Bank of India will exercise their control over the cooperative banks in India as like they have on the scheduled banks. At the same time of this ordinance passing, the cooperative banks in the rural areas and the Agricultural cooperative banks, societies are not coming under this ordinance. That means, they are not under the control of Reserve Bank of India and still continue Registrar of Cooperative Societies control over them.
The central government claims that 4.8 millions will get the benefit of this change in control. The appointments in cooperative banks will also come under the control of RBI and strict regulations should be followed on that. Reserve Bank of India will conduct audit in cooperative banks and check thourougly the Bad debts and Non performing assets. They will initiate the proceedings to recover it according to the rules and regulations.
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