Question

What is meant by co-operative bank? Explain the types of co-operative banks in India.

Answer 1

Explanation:

parastatal(Noun) A company, agency, or intergovernmental organisation, that possesses political clout and is separate from the government, but whose activities serve the state, either directly or indirectly.

Answer 2

Explanation:

Co-Operative Banks are small financial institutions that offer the lending facility to the small businesses in both urban and non-urban regions. These are monitored and regulated by the Reserve Bank of India (RBI) and come under the Banking Regulations Act, 1949 as well as the banking laws act, 1965.