Cooperative Banks Subject: Economy Context: The Bombay High Court (HC) has suspended the operation of the Reserve Bank of India (RBI) order cancelling the banking license of the 110-year old Rupee Co-op Bank Ltd till next month –as the appeal to the order is pending before the Appellate Authority, Department of Financial Service […]

    COOPERATIVE BANKS TOPIC: Economy Context- The Reserve Bank of India has imposed a penalty on three co- operative banks, including Nagrik Sahakari Bank Maryadit at at Panna, Satna and Raipur for deficiencies in regulatory compliances Banking Regulation Act, 1949, and the Depositor Education and Awareness Fund Scheme, 2014. Concept- A Co-operative bank is […]

    Cooperative banks Subject – Economy Context – I-T freezes assets over `53 cr of Maharashtra-based co-op bank Concept – Co-operative banks 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. These banks provide a wide range of […]

Subject: Economy Context: The Cabinet has decided to bring urban cooperatives and multi-State cooperative banks under RBI regulation. Concept: Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI) Background: The move to bring these urban and multi-State coop banks […]