In India, the Co-operative Banks are required to be registered under the Co-operative Societies Act, of the concerned state, and regulated by cooperative societies and RBI. 2. Main Objective The main objective of a Commercial Bank is to accept deposits from public for the purpose of lending to industry and commerce.
Herein, how cooperative banks are formed?
Cooperative banks serve an important role in the Indian economy, especially in rural areas. They are registered under the Cooperative Societies Act, 1912. They are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949 and Banking Laws (Application to Co-operative Societies) Act, 1965.
Is Cooperative Bank is government bank?
Co operative Banks in India are registered under the Co-operative Societies Act. The cooperative bank is also regulated by the RBI. They are governed by the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1965.
What is the cooperatives?
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise".