CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank has imposed several restrictions, including on the withdrawal of funds, on three cooperative banks in view of their deteriorating financial condition.

Detailed explanation-2: -As part of the restrictions, the two cooperative banks cannot grant loans, make any investment, incur any liability – including borrowal of funds and acceptance of fresh deposits, disburse or dispose of properties or assets.

Detailed explanation-3: -Reserve Bank of India. The Urban Banks Department of the Reserve Bank of India is vested with the responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks (UCBs).

Detailed explanation-4: -RBI imposes restrictions on Thodupuzha Urban Co-operative Bank, Kerala. The bank, without prior approval of RBI, cannot grant or renew any loans, make any investment, and accept fresh deposits.

Detailed explanation-5: -The most prominent amongst the early credit societies was the Bombay Urban Co-operative Credit Society, sponsored by Vithaldas Thackersey and Lallubhai Samaldas established on January 23, 1906..