Question

Which of the following statements are correct about Co-operative Banks:

Which of the above statements is/are correct

• 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

Cooperative Banks are registered under State Cooperative Societies Act. They are divided into two categories - rural and urban. They also come under regulatory ambit of RBI under two laws namely Banking Regulations Act, 1949 and Banking Laws(Cooperative Societies) Act, 1955