BANKING AFFAIRS

Detailed explanation-1: -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). The regulatory powers continue to be vested with the Reserve Bank of India.

Detailed explanation-2: -Reserve Bank of India is the central bank of the country with sole right to regulate the banking industry and supervise the various institutions/banks that also include NABARD defined under Banking Regulation Act of 1949.

Detailed explanation-3: -Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India.