BANKING AFFAIRS

Detailed explanation-1: -The Reserve Bank regulates the banking functions of StCBs/DCCBs/UCBs under the provisions of Sections 22 and 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies (AACS).

Detailed explanation-2: -3. The proposal for amalgamation of DCCBs with the StCB will be examined by Reserve Bank in consultation with NABARD and the sanction/ approval will be a two-stage process.

Detailed explanation-3: -Under the provisions of Section 11 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), no primary (urban) cooperative bank can commence or carry on banking business if the real or exchangeable value of its paid-up capital and reserves is less than Rs. one lakh.

Detailed explanation-4: -DCCB is regulated by the Reserve Bank of India, but DCCB’s are not operated by the Government. You can read about the List of Co-operative Banks in India in the given link.

Detailed explanation-5: -NABARD is entrusted with the responsibility for conduct of statutory inspections of State Cooperative Banks, District Central Cooperative Banks and Regional Rural Banks under the Banking Regulation Act, 1949/(AACS).