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Under which act Cooperative Banks needs to get registered for its operation?
  • a)
    Banking Regulation Act, 1948
  • b)
    Banking Laws (Co-operative Societies) Act. 1965
  • c)
    Companies Act, 1956
  • d)
    None of the above
  • e)
    All of the above
Correct answer is option 'B'. Can you explain this answer?
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Under which act Cooperative Banks needs to get registered for its oper...
Cooperative Bank needs to get registered under Banking Laws (Co-operative Societies) Act. 1965  for its operation.
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Under which act Cooperative Banks needs to get registered for its oper...
Under the Banking Laws (Co-operative Societies) Act, 1965, cooperative banks in India need to get registered for their operation.

Explanation:
Cooperative banks are financial institutions that are registered under the Cooperative Societies Act of the respective states in India. These banks operate on the principle of cooperation, where members pool their resources and work together for their mutual benefit. Cooperative banks are primarily set up to provide financial services to their members, such as credit facilities and deposit accounts.

To regulate the functioning of cooperative banks, the Banking Laws (Co-operative Societies) Act, 1965 was enacted. This act provides a legal framework for the registration, functioning, and regulation of cooperative banks in India.

The act mandates that cooperative banks must be registered under the respective State Cooperative Societies Act. The registration process involves submitting the necessary documents and fulfilling the prescribed criteria. Once registered, cooperative banks are bound by the provisions of the act and are subject to its regulatory framework.

The act also empowers the Reserve Bank of India (RBI) to regulate and supervise cooperative banks. The RBI is responsible for ensuring that cooperative banks adhere to prudential norms, maintain adequate capital adequacy, and follow proper governance and risk management practices. The RBI conducts regular inspections and audits of cooperative banks to monitor their financial health and compliance with regulatory requirements.

In addition to the Banking Laws (Co-operative Societies) Act, cooperative banks are also subject to other relevant acts and regulations. These include the Banking Regulation Act, 1949, which provides a regulatory framework for all banking institutions in India, including cooperative banks. Cooperative banks are also required to comply with the provisions of the Companies Act, 2013, if they are registered as cooperative societies under the Companies Act.

In conclusion, cooperative banks in India need to get registered under the Banking Laws (Co-operative Societies) Act, 1965 for their operation. This act provides the legal framework for the functioning and regulation of cooperative banks and empowers the RBI to supervise and regulate these banks.
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Under which act Cooperative Banks needs to get registered for its operation?a)Banking Regulation Act, 1948b)Banking Laws (Co-operative Societies) Act. 1965c)Companies Act, 1956d)None of the abovee)All of the aboveCorrect answer is option 'B'. Can you explain this answer?
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