Question
Which one of the following statements is true
Cooperative Banking?Solution
A Co-operative bank is a financial entity which belongs to its members, who are at the same time the owners and the customers of their bank. It is registered under the State’s Cooperative Societies Act. The Co-operative banks are also regulated by the Reserve Bank of India (RBI) and governed by Banking Regulations Act 1949 Banking Laws (Co-operative Societies) Act, 1955.
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