Question

A Society having its area of operation in the urban area and which undertakes banking business with the license obtained from RBI is known as

• A. Rural Cooperative Bank
• B. Urban Co operative Bank
• C. Credit Cooperative Society
• D. Primary Agricultural Credit Society

Answer 1

Answer:

B. Urban Co operative Bank

• As per sec2(ta) KCS Act 'Urban Co operative Bank' means a Society registered under this Act having area of operation in the urban area and which undertakes banking business with the license obtained from RBI.

• Non Agricultural credit society Working with single Tier structure

• Insured Cooperative Banks are Unitary type of societies.

• UCS - 2 Tier

• UCS - CEO - Secretary

• 7 to 15 member Board of Directors In the management of urban Cooperative Banks two seats are reserved for banking experienced or professionally qualified person as per sec 28 AA 

• It's deposits are covered by Deposit Insurance Credit Guarantee Corporation.