CURRENT AFFAIRS

Detailed explanation-1: -Chandigarh: Punjab finance minister Harpal Singh Cheema on Thursday urged the Centre to convince Reserve Bank of India (RBI) to approve the state proposal of amalgamation of district cooperative central banks (DCCBs) with the Punjab State Cooperative Bank (PSCB).

Detailed explanation-2: -Accordingly, RBI had accorded final approval to the proposal of Government of Kerala to amalgamate 13 DCBs with KSCB on 7.10. 2019. and started functioning with the brand name “Kerala Bank” as per its byelaw adopted by the first general body which was convened on 20.01. 2020.

Detailed explanation-3: -District Central Cooperative Banks merger with Apex bank to benefit farmers: Minister S T Somashekar.

Detailed explanation-4: -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-5: -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).