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Cabinet okays bringing cooperative banks under RBI supervision

By IndianMandarins- 25 Jun 2020
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The government will bring an ordinance to put all cooperative banks under the Reserve Bank of India supervision. This is an attempt to streamline them. This decision was taken in the cabinet which was announced by Union information and broadcasting minister Prakash Javadekar.

Now, around 1,482 urban cooperative banks and 58 multi-state cooperative banks will come under the supervisory powers of the RBI. The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks. This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 lakh crore will remain safe.

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