Government of India will bring an ordinance to put all cooperative banks under the Reserve Bank of India supervision. This decision was announced by Union information and broadcasting minister Prakash Javadekar.
Now 1,482 urban cooperative banks and 58 multi-state cooperative banks came under the supervisory powers of the Reserve Bank of India.
The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks. This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 trillion will stay safe.