How many urban cooperative banks are there in India in 2020?

By Ritesh|Updated : September 6th, 2022

By the end of March 2020, there will be 1,539 urban cooperative banks (UCBs) in India. Urban and semi-urban locations are where you can find these cooperative banks.

  • A cooperative bank is a diminutive financial institution whose owners and clients are its members
  • They are registered under the States Cooperative Societies Act and are governed by the Reserve Bank of India (RBI)

Urban Cooperative Banks in India (2020)

  • The Co-operative Banks have lately made headlines due to restrictions placed by the RBI on one of the top banks, preventing them from making any cash withdrawals.
  • The Punjab and Maharashtra Co-operative Bank event (PMC) has called into doubt the dependability of these financial institutions.

Several significant characteristics of cooperative banking in India are listed below:

  • They operate under the tenet of "one person, one vote." Since the members of these banks own them, a democratically elected Board of Directors is appointed to govern the organization.
  • Farmers can obtain agricultural loans from cooperative banks at low-interest rates.
  • Granting credit and loans to those in need in remote places with few banking facilities.
  • The annual profit is dispersed among the cooperative members following the established guidelines, with a portion going toward financial reserves and other resources.

Summary:

How many urban cooperative banks are there in India in 2020?

There were 1,539 urban cooperative banks are there in India in 2020. These cooperative banks can be found in urban and semi-urban areas.

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