The responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks(UCBs) is vested with which one of the following?

Options

A. The Department of Non-Banking Supervision of the Reserve Bank of India
B. The Urban Banks Department of the Reserve Bank of India
C. State Co-operative Banks
D. The Department of Corporate Services of the Reserve Bank of India

Answer

B

Explanation

Urban Banks Department functions in close coordination with other regulators viz., RCSs and CRCS. The Banking Regulation Act, 1949(AACS) provides for submission of periodical returns by UCBs to the Reserve Bank of India.