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    Question

    The Reserve Bank regulates the banking functions of

    StCBs/DCCBs/UCBs under the provisions of ________________ of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies (AACS). 
    A Section 19 Correct Answer Incorrect Answer
    B Section 22 Correct Answer Incorrect Answer
    C Section 23 Correct Answer Incorrect Answer
    D a & b Correct Answer Incorrect Answer
    E b & c Correct Answer Incorrect Answer

    Solution

    Explanation: Though the Banking Regulation Act came in to force in 1949, the banking laws were made applicable to cooperative societies only in 1966 through an amendment to the Banking Regulation Act, 1949. Since then there is duality of control over these banks with banking related functions being regulated by the Reserve Bank and management related functions regulated by respective State Governments/Central Government. The Reserve Bank regulates the banking functions of StCBs/DCCBs/UCBs under the provisions of Sections 22 and 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies (AACS).

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