Scheduled Co-operative Banks
January 8, 2013 1 Comment
If you are tempted to chase bank deposit rates by investing in co-operative banks,make sure that they are scheduled.
Scheduled banks are those whose names have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934.RBI includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.One such criterion is deposit insurance.So if you don’t have the skills and means of evaluating the strengths of co-operative banks,restrict yourself to only the scheduled ones to safeguard your investments.
You can get a list of Scheduled co-operative banks here:Link