Question

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Which of the following statements are correct about Co-operative Banks:

1. Co-operative Banks are registered under Companies Act, 1956
2. Rural Co-operative credit institutions could either be short-term or long-term in nature
3. Urban Co-operative banks are either Scheduled or non scheduled

• A. 1 only
• B. 1 and 2 only
• C. 2 and 3 only
• D. 1,2 and 3

Answer 1

The correct option is C 2 and 3 only

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Cooperative Banks are registered under the State Cooperative Societies Act. They are divided into two categories - rural and urban. They also come under the regulatory ambit of RBI under two laws namely Banking Regulations Act, 1949 and Banking Laws(Cooperative Societies) Act, 1955.

Rural Co-operative credit institutions could either be short-term or long-term in nature.

Urban Co-operative banks are either Scheduled or non-scheduled.