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PMC Bank crisis: Why an urgent clean-up of cooperative lenders is required

Updated : October 03, 2019 07:06 AM IST

Cooperative banks were historically a socio-political answer to the absence of a proper banking system.
There are 1,551 urban cooperative banks and 96,612 rural cooperative credit entities according to recent RBI reports.
RBI literature shows that the central bank has always worried about the potential for abuse in cooperative banks.
PMC Bank crisis: Why an urgent clean-up of cooperative lenders is required

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