RBI and NABARD Enhance Oversight of Cooperative Banks

Through amendments to the Banking Regulation Act and the Multi–State Cooperative Societies Act, 2002, the Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) have taken significant steps to reinforce governance, transparency, and accountability in cooperative banks. These amendments introduce a ten-year term limit for the Board of Directors of cooperative banks and establish the Cooperative Election Authority, among other measures, to ensure robust financial oversight and protection of depositors' interests.

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