RBI Reopens Urban Cooperative Bank Licences After 22 Years
The Reserve Bank of India has reopened licensing for urban cooperative banks after 22 years. Multi-state cooperatives that want to become banks will work under new audit rules. The rules are meant to act as guardrails for the sector.
Context
Context: Cooperative banks are member-owned lenders that serve local communities, and some have failed in the past. The Reserve Bank of India regulates them, and the Institute of Chartered Accountants of India (ICAI) sets accounting standards.
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