Current Affairs - Banking - Discussion

The Cabinet has approved an ordinance to bring nearly 1,482 urban and 58 multi state cooperative banks under the Reserve Bank of India's (RBI) supervision. Therefore, RBI's power applied to scheduled banks, will now apply for cooperative banks as well. This information has been revealed by Union Minister of Information and Broadcasting Prakash Javadekar. It will give an assurance to 8.6 crore depositors, who have saved Rs 4.84 lakh crore in these banks, that their money will stay safe.