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GoI brings all cooperative banks under supervision of RBI

Sumit Arora Published On June 24th, 2020 Leave a comment

Government of India will bring an ordinance to put all cooperative banks under the Reserve Bank of India supervision. This decision was announced by Union information and broadcasting minister Prakash Javadekar.

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Now 1,482 urban cooperative banks and 58 multi-state cooperative banks came under the supervisory powers of the Reserve Bank of India. The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks. This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 trillion will stay safe.

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RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.