CURRENT AFFAIRS

Detailed explanation-1: -The Union cabinet on Wednesday approved an ordinance to bring 1, 482 urban and 58 multi-state cooperative banks under the supervision of the Reserve Bank of India, a move that will strengthen oversight of the lenders and prevent a Punjab and Maharashtra Co-operative (PMC) Bank-like fraud.

Detailed explanation-2: -The UCBs were under dual regulation by the state registrar of societies and the RBI. But in 2020, all UCBs and multi-state cooperatives were brought under the supervision of RBI.

Detailed explanation-3: -Credit cooperatives constitute the bulk of the Multi-State Cooperatives (610), followed by agriculture-oriented MSCS (244). There are around 100 multi-state cooperative dairies and 70 multi-state cooperative banks.

Detailed explanation-4: -Multi State Agri-Horticultural Developement Cooperative Society Ltd. The Unati Multi Purpose Multi State Cooperative Society Ltd. Maxvalue Agro Multi State Cooperative Society Ltd. Anjanai Urban Multi state Cooperative Credit Society Ltd.

Detailed explanation-5: -Co-operative banks in India are registered under the Cooperative Societies Act. They are also regulated by the RBI and governed by Banking Regulations Act, 1949 and Banking Laws (Co-operative Societies) Act, 1955. Cooperative banks lend as well as accept deposits.