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 N
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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.
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