Quick Summary
RBI and NABARD's Key Safeguards Strengthen Governance of Cooperative Banks Amendments to Banking Regulation Act and The MultiState Cooperative Societies (MSCS) Act, 2002 enhance oversight, transparency and accountability The regulatory and supervisory framework of Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) ensures that cooperative banks function with financial transparency. Several measures have been taken in this regard, which inter-alia incl
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Banking Regulation Act and the Multi-State Cooperative Societies (MSCS) Act, 2002 have been amended to enhance oversight, transparency, and accountability in cooperative banks.
The term for the Board of Directors of Cooperative Banks (excluding the Chairperson and Whole-time directors) has been capped at a maximum of 10 consecutive years to ensure transparency and protect depositors' interests.
The Multi-State Cooperative Societies (MSCS) Act, 2002 now includes a provision for the appointment of a Cooperative Ombudsman to address complaints or appeals from members regarding deposits and the society's functioning.
The Cooperative Election Authority has been established to strengthen governance and accountability by conducting free and fair elections in all Multi-State Cooperative Societies.
Issued in 2024, these directions provide comprehensive guidelines on reporting fraud, natural justice principles, governance mechanisms, early warning systems, staff accountability, third-party responsibility, and the role of auditors.
NABARD has implemented a Turn Around Plan (TAP) to improve the financial performance and reduce losses in State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs) through various measures like financial monitoring, business diversification, and cost rationalisation.
CAclubindia
