Google News
logo
Daily Current Affairs
The Union Cabinet of India recently approved amendments to bring which category of banks under the regulation of Reserve Bank of India?
A)
Nidhi companies
B)
Multi-state cooperative banks
C)
Land Development Banks
D)
Primary agricultural societies

Correct Answer : Option (B) - Multi-state cooperative banks


The Union Cabinet of India recently approved amendments to the Banking Regulation Act, which will bring multi-state cooperative banks under the regulation of the Reserve Bank of India.

This amendment in regulation is expected to prevent malpractices in the co-operative banks and ensure better regulation. The administrative role of the banks will be managed by the cooperative registrars. This decision is taken at the backdrop of the collapse of Punjab and Maharashtra Co-operative (PMC) Bank last year. The banks would also be audited according to the norms stipulated by RBI.

Published On : July 16, 2021
Advertisement