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With respect to the regulation of the Cooperative Banks in India, consider the following statements:
1. The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949.
2. The banking related functions of the Central Cooperative Banks (CCBs) and the State Cooperative Banks (StCBs) are presently regulated by NABARD.
3. The Banking Regulation (Amendment) Act, 2020, has put an end to the dual regulation of the Urban Cooperative Banks (UCBs) by the RBI and the Registrar of the Cooperative Societies.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    1 and 2 only
  • c)
    2 only
  • d)
    1 and 3 only
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
With respect to the regulation of the Cooperative Banks in India, cons...
The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949, and are, hence, not regulated by the Reserve Bank. The Central Cooperative Banks (CCBs) at the district level and the State Cooperative Banks (StCBs) at the state level are under the dual regulation by the RBI and the Registrar of the Cooperative Societies. The banking related functions are regulated by the RBI, while the management related functions are regulated by the Registrar of the Cooperative Societies. Here, the RBI has delegated its powers to NABARD under Sec. 35A of the Banking Regulation Act, to conduct inspection of the State and the Central Cooperative Banks. The Banking Regulation (Amendment) Act, 2020, has strengthened the RBI’s regulation over the UCBs. It has expanded the RBI’s regulatory control over the Cooperative Banks in terms of management, capital, audit and liquidation. However, it does not put a complete end to the dual regulation of the Urban Cooperative Banks. 
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With respect to the regulation of the Cooperative Banks in India, consider the following statements:1. The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949.2. The banking related functions of the Central Cooperative Banks (CCBs) and the State Cooperative Banks (StCBs) are presently regulated by NABARD.3. The Banking Regulation (Amendment) Act, 2020, has put an end to the dual regulation of the Urban Cooperative Banks (UCBs) by the RBI and the Registrar of the Cooperative Societies.Which of the statements given above is/are correct?a)1 onlyb)1 and 2 onlyc)2 onlyd)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?
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With respect to the regulation of the Cooperative Banks in India, consider the following statements:1. The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949.2. The banking related functions of the Central Cooperative Banks (CCBs) and the State Cooperative Banks (StCBs) are presently regulated by NABARD.3. The Banking Regulation (Amendment) Act, 2020, has put an end to the dual regulation of the Urban Cooperative Banks (UCBs) by the RBI and the Registrar of the Cooperative Societies.Which of the statements given above is/are correct?a)1 onlyb)1 and 2 onlyc)2 onlyd)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With respect to the regulation of the Cooperative Banks in India, consider the following statements:1. The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949.2. The banking related functions of the Central Cooperative Banks (CCBs) and the State Cooperative Banks (StCBs) are presently regulated by NABARD.3. The Banking Regulation (Amendment) Act, 2020, has put an end to the dual regulation of the Urban Cooperative Banks (UCBs) by the RBI and the Registrar of the Cooperative Societies.Which of the statements given above is/are correct?a)1 onlyb)1 and 2 onlyc)2 onlyd)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With respect to the regulation of the Cooperative Banks in India, consider the following statements:1. The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949.2. The banking related functions of the Central Cooperative Banks (CCBs) and the State Cooperative Banks (StCBs) are presently regulated by NABARD.3. The Banking Regulation (Amendment) Act, 2020, has put an end to the dual regulation of the Urban Cooperative Banks (UCBs) by the RBI and the Registrar of the Cooperative Societies.Which of the statements given above is/are correct?a)1 onlyb)1 and 2 onlyc)2 onlyd)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?.
Solutions for With respect to the regulation of the Cooperative Banks in India, consider the following statements:1. The Primary Agricultural Credit Societies (PACSs) are outside the purview of the Banking Regulation Act, 1949.2. The banking related functions of the Central Cooperative Banks (CCBs) and the State Cooperative Banks (StCBs) are presently regulated by NABARD.3. The Banking Regulation (Amendment) Act, 2020, has put an end to the dual regulation of the Urban Cooperative Banks (UCBs) by the RBI and the Registrar of the Cooperative Societies.Which of the statements given above is/are correct?a)1 onlyb)1 and 2 onlyc)2 onlyd)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
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