GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The co-operative bank is governed by the banking regulation Act 1949 and co-operative societies Act of -
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1955
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1965
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1975
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1985
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -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.
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