Cooperative Banks Current Affairs, GK & News

Why were six PSBs excluded from Schedule II of RBI act recently?

On September 30, 2020, the Reserve Bank of India excluded six public sector banks from the Second Schedule of RBI Act. This was done following their merger with other banks. These six banks are Oriental Bank of Commerce (OBC), Syndicate Bank, United Bank of India, Corporation Bank, Andhra Bank and Allahabad Bank. Highlights There were ..

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RBI releases Cyber Security Vision Framework for Urban Cooperative Banks

On September 25, 2020, the Reserve Bank of India released Cyber Security Vision Framework for Urban Cooperative Banks (UCBs). The apex bank has taken four different guiding principles in order to formulate the framework. This is because the heterogeneity of UCBs in India in terms of regions, size, digital depth and financial health is huge. ..

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Cooperative Banks brought under RBI

On June 24, 2020, the Union Cabinet chaired by PM Modi approved to bring cooperative banks under the Reserve Bank of India. This is to be done through an ordinance. Highlights There are about 1,482 crores of urban cooperative banks. Apart from these, India also holds 58 multi-state cooperative banks. These banks together support 8.6 ..

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NABARD releases Rs 20,500 crores of funds for Kharif and pre-monsoon operations

On May 18, 2020, the National Bank of Agriculture and Rural Development (NABARD) released Rs 20,500 crores. The funds will act as front-loading resources to the cooperative banks and the Regional Rural Development Banks (RRBs). Highlights The funds have been released to help farmers in Kharif operations and also in their pre monsoon preparations. Of ..

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Banking Regulation (Amendment) Bill, 2020 introduced in Lok Sabha

The Banking Regulation (Amendment) Bill, 2020 was introduced in the Lok Sabha by Finance Minister Nirmala Sitharaman. This proposed bill is expected to provide more powers to the RBI for regulating cooperative banks. The bill seeks to strengthen cooperative banks by improving professionalism, access to capital and banking practices through the RBI. The administrative issues ..

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