Regarding cooperative banks in India, consider the following statements:

The first cooperative bank in India was established in 1904 in Pune.

Cooperative banks operate under the dual control of the Reserve Bank of India and the respective State Governments.

All cooperative banks in India are required to maintain a minimum capital adequacy ratio of 9%.

Cooperative banks primarily serve the agricultural sector and rural areas.

How many of the above statements are correct?

Question

The first cooperative bank in India was established in 1904 in Pune. Incorrect: The first urban cooperative credit society was registered in Canjeevaram (Kanjivaram) in the former Madras province in October, 1904. The first cooperative law of India, the Cooperative Credit Societies Act, was passed on March 25, 1904.
Cooperative banks operate under the dual control of the Reserve Bank of India and the respective State Governments: Correct as they are regulated by both entities.
All cooperative banks in India are required to maintain a minimum capital adequacy ratio of 9%. Incorrect: The requirement varies, and many banks have different ratios.
Cooperative banks primarily serve the agricultural sector and rural areas. Incorrect: They also serve urban areas and various sectors beyond agriculture.

GKToday Admin · Accepted Answer

Only one

The first cooperative bank in India was established in 1904 in Pune. Incorrect: The first urban cooperative credit society was registered in Canjeevaram (Kanjivaram) in the former Madras province in October, 1904. The first cooperative law of India, the Cooperative Credit Societies Act, was passed on March 25, 1904.
Cooperative banks operate under the dual control of the Reserve Bank of India and the respective State Governments: Correct as they are regulated by both entities.
All cooperative banks in India are required to maintain a minimum capital adequacy ratio of 9%. Incorrect: The requirement varies, and many banks have different ratios.
Cooperative banks primarily serve the agricultural sector and rural areas. Incorrect: They also serve urban areas and various sectors beyond agriculture.