Government of India will bring an ordinance to bring all cooperative banks under the Reserve Bank of India supervision. Now 1,482 urban cooperative banks and 58 multi-state cooperative banks would come 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 that their money amounting to Rs 4.84 trillion will stay safe.
- RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.