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      Question

      Which one of the following statements is true

      Cooperative Banking?
      A It is a financial entity which belongs to its members Correct Answer Incorrect Answer
      B Members are same time the owners and the customers of their bank. Correct Answer Incorrect Answer
      C It is registered under the State’s Cooperative Societies Act. Correct Answer Incorrect Answer
      D Co-operative banks are also regulated by the government of India. Correct Answer Incorrect Answer
      E It is governed by Banking Laws (Co-operative Societies) Act, 1955. Correct Answer Incorrect Answer

      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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