What is cooperative banks and who regulates it?
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Cooperative banks gives loans to the people of rural area at low interest .
They are regulated by RBI(Reserve Bank of India )
They are regulated by RBI(Reserve Bank of India )
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RBI
The cooperative bank is also regulated by the RBI. They are governed by the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1965. These banks provide most services such as savings and current accounts, safe deposit lockers, loan or mortgages to private and business customers.
The cooperative bank is also regulated by the RBI. They are governed by the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1965. These banks provide most services such as savings and current accounts, safe deposit lockers, loan or mortgages to private and business customers.
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