Urban, multi-State cooperative banks to come under RBI supervision

reserve bank of india

Recently the cabinet took a decision to bring an ordinance to bring Urban Cooperative Banks and Multi state cooperative banks under the direct supervision of RBI , Currently these banks are under the dual control of Registrar of Cooperative and RBI, This move was necessitated after several incidence of fraud  by in cooperative banks especially the PMC bank fraud which expose the weakness in the regulatory supervision of this cooperative banks. This news is related to the topic, Statutory, regulatory and various quasi-judicial bodies of GS 2 and Indian economy of GS 3. Details about a cooperative bans can be important for prelims, whereas steps needed to be taken to improve their efficiency and supervision can be important for mains.

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