Thus, while the private sector banks are subject to the provisions of the Banking Regulation Act, 1949, the public sector banks are governed by their respective founding statutes and by  BIS Review 46/2008  1  those provisions of the B R Act which have been made specifically applicable to them.
The urban co-operative banks, on the other hand, are governed by the provisions of the Cooperative Societies Act of the respective State or by the Multi-State Cooperative Societies Act, as also by the provisions of the B R Act which are specifically applicable to them.