New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the folloinwg statement is not correct about

    Urban Co-operative Banks (UCBs):
    A They refers to primary cooperative banks located in urban and semi-urban areas. Correct Answer Incorrect Answer
    B They allowed to lend money only for non-agricultural purposes. Correct Answer Incorrect Answer
    C These banks were traditionally centred around communities, localities work place groups. Correct Answer Incorrect Answer
    D They essentially lent to small borrowers and businesses. Correct Answer Incorrect Answer
    E The first known mutual aid society in India was probably the "Anyonya Sahakari Mandali". Correct Answer Incorrect Answer

    Solution

    The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas. These banks, till 1996, were allowed to lend money only for non-agricultural purposes. This distinction does not hold today. These banks were traditionally centred around communities, localities work place groups. They essentially lent to small borrowers and businesses. Today, their scope of operations has widened considerably.The first known mutual aid society in India was probably the "Anyonya Sahakari Mandali" organised in the erstwhile princely State of Baroda in 1889 under the guidance of Vithal Laxman also known as Bhausaheb Kavthekar.

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