How many urban cooperative banks are there in India in 2020?
1,531 urban cooperative banks
As on May 31, 2021, there are 1,531 urban cooperative banks (UCBs) and 97,006 rural cooperative banks, with the latter making up 65% of the total asset size of all cooperatives taken together.
How many rural cooperative banks are there in India in 2020?
97,006 rural cooperative banks
By the end of March 2020, the sector comprised 1,539 UCBs and 97,006 rural cooperative banks, with a depositor base of 8.6 crore. Rural cooperatives make up 65 per cent of the total asset size of all cooperatives taken together.
How many urban cooperative banks are there in India in 2019?
There are 1,482 urban and 58 multi-state co-operative banks in the country with 8.60 crore depositors, having total savings of close to Rs 5 lakh crore.
What is urban cooperative banks in India?
The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas. These banks were traditionally centred around communities, localities work place groups. They essentially lent to small borrowers and businesses.
Who controls urban cooperative banks?
Reserve Bank of India
Recently, a Reserve Bank of India (RBI)-appointed committee has suggested a four-tier structure for the Urban Cooperative Banks (UCBs). In June 2020, the Central government approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the RBI.
Which state has highest urban cooperative banks in India?
However, these amendments have not gone down well with the Maharashtra government (the State with the highest number of UCBs). The Maharashtra government has constituted a State-level committee under its Minister for Revenue to protect the interests of cooperative banks in the State.
Which is the best cooperative bank in India?
A look at the top 10 cooperative banks of India
- Saraswat Cooperative Bank.
- Cosmos Cooperative Bank.
- Shamrao Vithal Cooperative Bank (SVC Bank)
- Abhyudaya Cooperative Bank Ltd.
- Bharat Cooperative Bank.
- TJSB Cooperative Bank.
- Punjab & Maharashtra Co-operative Bank.
- Janata Cooperative Bank.
Is Urban Cooperative Bank under RBI?
Reserve Bank of India. The Urban Banks Department of the Reserve Bank of India is vested with the responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks (UCBs).
Can UCB issue equity shares?
UCBs are permitted to raise equity share capital, as hitherto, by way of (i) issue of equity shares to persons within their area of operation enrolled as members, in accordance with the provisions of their bye-laws, and (ii) issue of additional equity shares to the existing members.
What is the definition of Urban Co-operative Bank?
The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas. These banks, till 1996, were allowed to lend money only for non-agricultural purposes.
Are there any co-operative banks in India?
The Co-operative Banks in India are governed as per the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1955. These Banks have been opened with the motto of ‘no-profit-no-loss’ and thus, do not seek for profitable ventures and customers only. As the name suggests, the main objective of Co-operative Banks is mutual help.
Which is the first cooperative credit society in India?
The first urban cooperative credit society was registered in Canjeevaram (Kanjivaram) in the erstwhile Madras province in October, 1904. Amongst the prominent credit societies were the Pioneer Urban in Bombay (November 11, 1905), the No.1 Military Accounts Mutual Help Co-operative Credit Society in Poona (January 9, 1906).
What was the report of Reserve Bank of India published in 1961?
The Report published in 1961 acknowledged the widespread and financially sound framework of urban co-operative banks; emphasized the need to establish primary urban cooperative banks in new centers and suggested that State Governments lend active support to their development.