{"id":86569,"date":"2020-06-26T14:54:41","date_gmt":"2020-06-26T09:24:41","guid":{"rendered":"https:\/\/factly.forumias.com\/?p=16079"},"modified":"2020-06-26T14:54:41","modified_gmt":"2020-06-26T09:24:41","slug":"urban-multi-state-cooperative-banks-to-come-under-rbi-supervision","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/urban-multi-state-cooperative-banks-to-come-under-rbi-supervision\/","title":{"rendered":"Urban, multi-State cooperative banks to come under RBI supervision"},"content":{"rendered":"\n<p><strong>News: <\/strong>The Central government has approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the Reserve Bank of India(RBI).<\/p>\n\n\n\n<p><strong>Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Aim: <\/strong>To empower more security to depositors and to prevent instances of fraud and serious financial irregularities such as the major scam at Punjab and Maharashtra Co-operative(PMC) Bank in 2019.<\/li><li><strong>How were they regulated earlier?<\/strong> Till now, the Urban co-operative banks came under dual regulation of the RBI and the Registrar of Co-operative Societies.<\/li><li><strong>Significance: <\/strong>It will empower the RBI to regulate all urban and multi-state co-operative banks on the lines of commercial banks.<\/li><li><strong>Concerns: <\/strong>The rural co-operative banks will continue to remain under the dual regulation.<\/li><\/ul>\n\n\n\n<p><strong>Additional Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Co-operative Banks: <\/strong>These are financial entities established on a co-operative basis and belonging to their members.This means that the customers of a co-operative bank are also its owners.<\/li><li><strong>Regulation: <\/strong>Co-operative Banks<strong> <\/strong>are registered under the States Cooperative Societies Act.They also come under the regulatory ambit of the Reserve Bank of India(RBI) under two laws: Banking Regulations Act, 1949 and the Banking Laws (Co-operative Societies) Act,1955.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The Central government has approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the Reserve Bank of India(RBI). Facts: Aim: To empower more security to depositors and to prevent instances of fraud and serious financial irregularities such as the major scam at Punjab and Maharashtra Co-operative(PMC) Bank&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/urban-multi-state-cooperative-banks-to-come-under-rbi-supervision\/\">Continue reading <span class=\"screen-reader-text\">Urban, multi-State cooperative banks to come under RBI supervision<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3984,394],"class_list":["post-86569","post","type-post","status-publish","format-standard","hentry","category-economy","tag-cooperative-banks","tag-rbi","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704771372},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86569"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86569\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}