Answer-Consider the following Statements. (I) Co-operative banks in India are registered under the State’s...

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. Co-operative banks in India are registered under the States Cooperative Societies Act. The Co-operative banks are also regulated by the Reserve Bank of India RBI and governed by the Banking Regulations Act 1949 Banking Laws Co-operative Societies Act, 1955. The rural co-operative credit system in India is primarily mandated to ensure flow of credit to the agriculture sector. It comprises short-term and long-term co-operative credit structures. The short-term co-operative credit structure operates with a three-tier system - Primary Agricultural Credit Societies PACS at the village level, Central Cooperative Banks CCBs at the district level and State Cooperative Banks StCBs at the State level.

Question

Consider the following Statements. (

I Co-operative banks in India are registered under the State’s Cooperative Societies Act. (I
I Regulation of Cooperative banks is a part of Banking Regulations Act 1949. (II
I Cooperative Banks have a single-tier system in India. which of the following statements is/are correct?