Question

The section of KCS Act that defines 'Urban Co operative Bank'.

• A. section 4(m)
• B. section 3(b)
• C. section 5(k)
• D. section 2(ta)

Answer 1

Answer:

D. section 2(ta)

• 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.