UPSC PRELIMS · ECONOMICS · URBAN COOPERATIVE BANKS
With reference to 'Urban Cooperative Banks' in India, consider the following statements: 1. They are supervised and regulated by local boards set up by the State Governments. 2. They can issue equity shares and preference shares. 3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966. Which of the statements given above is/are correct?
Take a breath. Choose one. Press A–D on your keyboard if you like.
EXPLANATION
Urban cooperative banks were brought under the Banking Regulation Act framework in 1966 and can issue shares subject to the applicable law; supervision is not simply by local state boards.
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