[PPSC Cooperative Inspector Society 2022]

29. Consider the following statements regarding the Scheduled Co-operative Banks :
1. Unlike commercial banks, Scheduled Co-operative Banks are not regulated by RBI.
2. In the event Co-operative Banks fail, deposits with them are covered by the Registrar of Co-operative Societies either under the State or Central government.
3. Co-operative Banks are structured as cooperatives, with their members carrying unlimited liability.
 

Which of the above statements is/are incorrect ?

1. 1 and 2 only

2. 2 and 3 only

3. 2 only

4. 1 and 3 only

Correct Answer :

1 and 2 only