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Govt okays Ordinance to give more teeth to RBI over co-operative banks

The RBI will get more auditory and managerial powers over 1,482 urban co-operative banks and 58 multi-state co-operative banks after the Ordinance is approved by the President

Reserve bank of India
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In February, the government had said that the audit of such co-operative banks will be according to RBI regulations and the best management practices laid down by the regulator will also apply to them

Somesh Jha New Delhi
The Union government on Wednesday decided to take the Ordinance route to give more powers to the Reserve Bank of India to supervise co-operative banks, akin to commercial banks.

The RBI will get more auditory and managerial powers over 1,482 urban co-operative banks and 58 multi-state co-operative banks after the Ordinance is approved by the President to become a law. The Ordinance will, however, need an approval from Parliament within six months of becoming a law.


“The urban co-operative and multi-state co-operative

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