Rons Bantwal

Mumbai, Nov 19: In recognition of its significant contribution to the urban cooperative banking sector of Greater Mumbai, the Reserve Bank of India (RBI) has accorded Scheduled Bank status to Model Co-operative Bank Ltd, which has been serving the community for many decades.

The Mumbai-based RBI has included model bank in the second schedule of the Reserve Bank of India Act, 1934, thereby granting it the prestigious status of a ‘Scheduled Bank.’ As per section 42(6)(a) of the RBI Act, 1934, the RBI issued a gazette notification on Thursday announcing the inclusion of Model Co-operative Bank Ltd in the second schedule and elevating it to Scheduled Bank (Listed Scheduled Bank) status.

Model Bank is the fourth Urban Co-operative Bank (UCB) to receive scheduled status in the c

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