BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1960
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1962
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1965
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1969
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Detailed explanation-1: -Under the provisions of Section 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.
Detailed explanation-2: -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-3: -Regional Rural Banks are empowered to transact the business of banking as defined under Banking Regulation Act, 1949.
Detailed explanation-4: -In 1965, certain provisions of the Banking Regulation Act, 1949 (BR Act) were made applicable to co-operative banks. This gave Reserve Bank of India (RBI) some powers to regulate co-operative banks. This was done to protect the interests of depositors and extend deposit insurance coverage to these banks.