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Co-op banks come under RBI as President clears ordinance

Shortpedia

Content Team

The Centre has brought urban and multi-state cooperative banks under the direct supervision of the Reserve Bank with President Ram Nath Kovind promulgating the Banking Regulation (Amendment) Ordinance, 2020. The government had issued ordinance to operationalise new provisions of the Act quickly in the interest of millions of depositors who use the cooperative channel to undertake banking transactions.