New Delhi: The Central government has decided to bring Urban Co-operative Banks (UCBs) and Multi-State Co-operative Banks under the supervisory power of the Reserve Bank of India (RBI).
Union Minister Prakash Javadekar announced the decision at a press conference through video conferencing.
“Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI); RBI’s powers as they apply to scheduled banks, likewise will apply for cooperative banks as well,” Javadekar said.
“The decision to bring 1,540 cooperative banks under RBI’s supervision will give an assurance to more than 8.6 crore depositors in these banks that their money amounting to Rs 4.84 lakh crore will stay safe,” he added.
