9. Recently, the Reserve Bank of India has recently granted approval for converting an Urban Cooperative Bank into a Small Finance Bank. With reference to this, consider the following statements:
- 1.Urban Cooperative Banks (UCBs) are registered as cooperative societies under the provisions of, either the State Cooperative Societies Act of the State concerned or the Multi State Cooperative Societies Act, 2002.
- 2. The Reserve Bank regulates and supervises the banking functions of UCBs under the provisions of Banking regulation Act, 1949
Which of the statements given above is/are Incorrect?