The Union Cabinet of India recently approved amendments to bring which category of banks under the regulation of Reserve Bank of India?
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Answer:
Multi-State Cooperative Bank
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The Union Cabinet of India recently approved amendments to bring the Banking Regulation Act to bring multi-state cooperative banks under the watch of the Reserve bank of India
Explanation:
- To avoid the Maharashtra bank Cooperative Bank-like crisis the The Union Cabinet approved an amendment to the Banking Regulation Act to bring multi-state cooperative banks under the watch of the central bank
- T his amendment has been brought about in regulation to prevent malpractices in the co-operative banks and ensure better regulation.
- The administrative role of the role of the banks will be managed by the cooperative registrars.
To know more about banking regulation Act
Which section of banking regulation act deal with commercial bank?
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