Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?
Assertion (A) Urban Cooperative Banks are registered under the Cooperative Societies Acts of the respective State Governments.
Reason (R) Urban Cooperative Banks having a multi-state presence are registered under the Multi-state Cooperative Societies Act and regulated by the Central Governments.
1
(A) is true, but (R) is false
2
Both (A) and (R) are true
3
(A) is false, but (R) is true
4
Both (A) and (R) are false