Choose the correct statements in the context of Cooperative Banks in India.begin{enumerate}item Cooperative Banks operate on no profit no loss basis.item Cooperative Banks are allowed to operate only in the agriculture sector.item NABARD is a Cooperative Bank.end{enumerate}

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Choose the correct statements in the context of Cooperative Banks in India.

A	1 only
B	1 and 2
C	1 and 3
D	Either 1 or 2

Explanation:

Detailed explanation-1: -Unlike commercial banks, who are driven by profit, co-operative banks work on a “no profit, no loss” basis. These are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949 and Banking Laws (Application to Co-operative Societies) Act, 1965.

Detailed explanation-2: -A co-operative bank is a small-sized, financial entity, where its members are the owners and customers of the Bank. They are regulated by the Reserve Bank of India (RBI) and are registered under the States Cooperative Societies Act.

Detailed explanation-3: -The most prominent amongst the early credit societies was the Bombay Urban Co-operative Credit Society, sponsored by Vithaldas Thackersey and Lallubhai Samaldas established on January 23, 1906..

There is 1 question to complete.