RBI has also approved the opening of a current account with co-operative banks. RBI said, the co-operative bank will now be able to open a current account. They will also follow the Regulatory Norm and maintain cash reserve with the bank. The central bank said that in relation to opening a current account in the licensed co-operative banks, the RBI has advised all Regional Offices to issue a no-objection certificates.
For more information go to RBI official website.