Q.Define an urban co-operative bank and state any four of its features.

An urban co-operative bank is a co-operative society that does the work of a bank in a town.

Definition. An urban co-operative bank (UCB) is a co-operative society, registered under the co-operative law (in Maharashtra, the Maharashtra Co-operative Societies Act, 1960, or the Multi-State Co-operative Societies Act, 2002) and licensed by the Reserve Bank of India, which carries on the business of banking in an urban or semi-urban area — accepting deposits from its members and the public and lending mainly to persons of small and moderate means such as small traders, artisans, the self-employed and salaried workers — on the principle of self-help through mutual help.

Four features:

1. A registered co-operative body — On registration it becomes a body corporate with a separate legal existence, common seal and perpetual succession.
2. Banking is its business — It carries on full banking under an RBI licence: accepting deposits and lending, along with agency and utility services.
3. Democratic management — It is run by a committee elected on the rule of 'one member, one vote', so control rests with people, not capital.
4. Dual regulation — It is controlled at once by the Registrar of Co-operative Societies (as a co-operative) and by the Reserve Bank of India (as a bank). …

Give exactly the number of features asked for, and choose features that bring out the twin nature (society + bank). Do not simply list the features of an or …