RBI asks co-operative banks to appoint nodal officers for APY

The Reserve Bank Thursday asked Urban co-operative banks to appoint nodal officers for implementation of the government's flagship scheme, Atal Pension Yojana (APY), which provides for a minimum pension of Rs 1,000-5,000, depending upon contribution.

Easier KYC norm for sole owner cos to open co-op bank accounts

Relaxing KYC norms, the RBI has allowed sole proprietor firms to open accounts in co-operative banks by submitting a single proof of their business.

RBI asks coop banks to set up panel for monitoring fraud cases

The Reserve Bank has directed all primary (urban) cooperative banks to set up a special committee for monitoring and following up cases of frauds of Rs 1 crore and above.

Govt to revive 23 district co-op banks, to infuse Rs 2,375 cr

Government Wednesday decided to infuse Rs 2,375.42 crore to revive 23 District Central Cooperative Banks (DCCBs) in four states which were on the verge of closure.

Future Generali eyes higher rural biz from sales tie-ups

Private sector general insurer Future Generali India Insurance is eyeing higher penetration into rural markets for which it is tying up with co-operative banks to increase its reach, a top company official has said.

Restriction on co-operative banks for loan against gold coins

Reserve Bank has extended the restriction on advance against gold on co-operative banks as well, a move aimed at curbing demand for gold.

Cobrapost: NABARD chief gives clean chit to co-operative banks

Amid allegations of co-operative banks being used as conduits for money laundering, NABARD, which jointly regulates such lenders, has said that it has found no shortcoming pointing towards any such activity.

RBI asks co-operative banks not to give loans for gold purchase

The Reserve Bank on Friday directed state and central co-operative banks not to grant loans for purchase of gold in any form in order to check the significant rise in import of the precious metal in recent years.

Insurance cover also applicable to deposits in co-op banks

The deposit insurance coverage is also applicable to all eligible deposits in co-operative banks, Finance Minister P Chidambaram informed Rajya Sabah Thursday.

Maha to provide loans to farmers through state co-op bank

In a bid to ease hardships of farmers in seven districts of the state, the Maharashtra government has decided to step in and provide Rs 578 crore through the state co-operative bank since the RBI has passed strictures against the district co-operative banks.