The latter structure does not come under the regulatory jurisdiction of Reserve Bank as it is not covered under the Banking Regulation Act, 1949 (AACS). Recognising the deep-rooted integration of the co-operative structure in the Indian socioeconomic system, policy makers have accorded great significance to its development and strengthening.
Financial market infrastructure refers to the platforms that provide the services and facilities to support activities, such as exchanges, clearing houses, and payment and settlement systems. These platforms are crucial in the financial system as they are the nodes to mitigate systemic risks. The safe operation of these various platforms, even under extreme adverse conditions, is a prerequisite to ensure financial system stability.