PRESIDENT OF INDIA CLEARS ORDINANCE TO BRING CO-OP BANKS UNDER THE RBI

Highlights

• Total 1,482 urban and 58 multi-state co-operative banks will come under the supervisory powers of the Reserve Bank of India (RBI)

• These banks have estimated deposits of Rs 4.84 lakh crore, that is now completely safe

• According to the statement issued by the Union Finance Ministry, this decision has been taken to safeguard hard earned money of more than 8 crore depositors

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