Government passed ordinance Cooperative Banks will now be under the supervision of the Reserve Bank of India

In a major decision towards better management and sound regulation of cooperative banks and to safeguard the interest of depositors, the union cabinet today decided to bring cooperative banks under the supervision of the Reserve Bank of India, through an ordinance.

Govt for bringing all Cooperative Banks under supervisory powers of RBI through an ordinance. This move encompassing 1,482 urban & 58 multi-state cooperative banks will provide assurance to 8.6 crore depositors across the country.

1,482 urban cooperative banks 58 multi-state cooperative banks Decision will assure 8.6 crore depositors thta their money-amounting to ₹4.84 lakh crore will stay safe.