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The Union Cabinet has approved amendments to the Banking Regulation Act to give powers to the Reserve Bank of India (RBI) to issue licences to multi-state cooperative banks. This will bring 35 multi-state cooperative banks under the RBI’s regulatory framework on the line of other cooperative banks.
Consequently, depositors in these banks will be able to get cover under the Deposit Insurance and credit Guarantee Corporation ( DICGC). Moreover, the RBI will have the power to supersede the board of these banks if the requirement comes across.
Central Registrar which is central government bodies and the apex body for the local registrar of cooperative societies will remain responsible for the administration and operational side of the management.
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