Correct answer: (b) 2 and 3 only
Explanation
- A
1 only
1 only. UCBs are under RBI (and RCS), not ‘local boards of State Governments’ as the sole supervisor.
- B
2 and 3 only
2 and 3 only. They can issue equity/preference as allowed; BR Act cover came in 1966. Statement 1 overstates State boards.
- C
1 and 3 only
1 and 3 only. Statement 1 fails.
- D
1, 2 and 3
All three. Dual regulation is RBI + registrar, not local State boards as framed.
Summary. Official key is (b) 2 and 3 only. Urban cooperative banks were brought under the Banking Regulation Act in 1966 and can issue shares as the law now allows. Day-to-day banking supervision is RBI’s, not a State local-board monopoly.
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