Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
A bank owned by its members and registered under co-operative law, supervised by the banking regulator alongside a co-operative registrar.
Deposit insurance is identical to any other bank. The resolution timetable historically is not — withdrawal caps at failed co-operative banks have lasted years rather than weeks.
A bank included in the second schedule to the Reserve Bank of India Act, which gives it access to the central bank’s facilities and the clearing system.
What actually brings the prudential inspection and the deposit insurance is the banking licence, not the schedule. Small finance banks, payments banks and registered co-operative banks hold that licence; societies and nidhis do not, whatever the passbook looks like.