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RBI to gain regulatory control over co-operative banks in a phased manner

The Union federal government will notify the lately-promulgated Ordinance to give much more tooth to the Reserve Bank of India (RBI) in excess of co-operative banking institutions in a phased method.

For now, the new Ordinance has been made efficient from June 29 to address multi-state co-operative banking institutions, in accordance to a notification issued by the finance ministry on Tuesday. Even so, a huge the greater part of co-operative banking institutions that work only in a single state, or state co-operative banking institutions, will be included beneath the new regulation from a later on date, a best federal government

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