(a) whether it is a fact that the Government of India is contemplating any plan to bring cooperative banks under the Reserve Bank of India;
(b) if so, the details thereof;
(c) whether the Government proposes to work out any plan to bring comprehensive changes in cooperative banks; and
(d) if so, the details thereof?
THE MINISTER OF STATE FOR FINANCE
(a) and (b): Since the amendments effected to the Banking Regulation Act, 1949 by the Banking Companies (Application to Co-operative Societies) Act, 1965, co-operative banks have been under the regulatory purview of the Reserve Bank of India.
(c) and (d): Co-operative banks are autonomous entities governed by their respective Boards, which draw up their own plans regarding any changes, subject to applicable law and regulatory norms, guidelines etc.
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