REGULATING CO-OPERATIVE BANKING

This role is, perhaps, the most unheralded aspect of our activities, yet it remains among the most critical. This includes ensuring credit availability to the productive sectors of the economy, establishing institutions designed to build the country's financial infrastructure, expanding access to affordable financial services and promoting financial education and literacy.

Information pertaining to Urban Co-operative Banks/State and Central Co-op Banks


RIA No Information Sought Reply given/ Information provided Date of Reply

1
RIA 453/05-06
UBD

Norms for classifying borrowal accounts of Urban Co-operative Banks as NPAs?

Norms for classification of borrowal accounts as NPAs is provided in our Master Circular UBD(PCB)Cir.No.1/09. 140.00/05-06 dated July 4, 2005 on Income Recognition, Asset Classification and Provisioning, which is available on our website under the title ‘Notifications’

April 21, 2006

2
RIA 430/05-06
UBD

RBI guidelines on merger/ amalgamation of urban co-operative banks (UCBs)?

RBI guidelines on merger/amalgamation of UCBs are available in our circulars No.UBD(PCB)Cir.36/ 09.169.00/2004-05 dated February 2, 2005, and Circular No. UBD(PCB)Cir.18/09.169. 00/2005-06 dated November 22, 2005. These circulars are available on our website at http://rbi.org.in/scripts/Notification User.aspx

April 12, 2006

3
RIA 455/05-06
UBD/
DNBS

Whether a co-operative bank is registered under SARFAESI Act with Reserve Bank of India as a “Securitisation Company” and/or “Securitisation Creditor”? Whether such a bank can automatically become Securitisation Company/Creditor merely on it being registered as a banking company under Banking Regulation Act, 1949 with Reserve Bank of India? Whether such a bank is required to renew its Certificate every year as contemplated under SARFAESI Act? Whether the bank is required to approve a person to be appointed as “Authorised Officer”? Whether such a person is required to be registered as contemplated under SARFAESI Act?

Co-operative Banks fall within the definition of “secured creditor” under SARFESI Act by virtue of the definition contained in section 2(1)(c )(v) of the Act in view of the notification No. S O.105(E) dated 28th January, 2003 of the Central Government declaring “Co-operative Bank” as defined in clause (cci) of section 5 of Banking Regulation Act, 1949 to be a bank for the purposes of SARFAESI. Section 13 of SARFAESI Act, 2002, authorizes the secured creditors to enforce any security interest created in favour of it by the borrower without the intervention of the Court or Tribunal in accordance with provisions of the Act. As a co-operative bank is not a Securitisation Company, the questions regarding renewal of certificate, appointment of “Authorised Officer”, application for registration, etc., would not be relevant.

The query as to whether enforcement of security interest by a secured creditor is required to be registered with “Central Registry” is an issue relating to the interpretation of the provisions of the Act and it is not “information” covered under the Right to Information Act. Reserve Bank does not hold information regarding the exercise of powers by the said bank under section 13(4) of the Act. A reference is also drawn to Section 20 of the Act. Such Central Registry contemplated under the Act would not be a part of the Reserve Bank. It is also clarified that the Central Government has so far not issued any notification to set-up the Central Registry.

April 21, 2006

4
RIA 456/05-06
UBD

(i) The validity period of Co-operative Banks’ pay order?

(ii) Whether co-op banks have the right to withdraw or deposit the amount in customer's saving account without his permission?

(i) Bank’s pay order is basically a bankers’ cheque and hence valid for six months.

(ii) Every bank frames saving bank rules. Deposits/withdrawals into the account (SB Account) are subject to these rules. Banks generally debit SB account with cheque book charges, account maintenance charges, etc.

April 21, 2006

5
RIA 479/05-06
UBD

List of names of scheduled urban co-op banks operating in Maharashtra state

The information is available on the website at www.rbi.org.in/scripts/sitemaps.aspx

April 27, 2006

6
RIA 22/07-08
UBD

RBI guidelines to Co-operative Banks on premature withdrawal of deposits

Paragraph 8 of the Master Circular no 1 dated July 2,
2007 (on our website at http://www.rbi.org.in/scripts/NotificationUser.aspx?Mode
=0&Id=3691
) and a Circular UBD(PCB) 78/DC.V.(B) 92-93 dated May 26, 1993 may be referred.

April 26, 2006

3667/14-15
DCBR

Information on Loan waiver details under Agricultural Debt Waiver and Debt Relief (ADWDR) Scheme, 2008

Copy of rules for monitoring proper implementation of said scheme.

List of documents bank/ Farmer need to submit to government after receiving loan waiver amount.

Copy of rules used to take action against bank if bank failed to provide certificate of debt waiver of debt relief and also failed to take acknowledgement from farmer

Para 4 of our circular RBI/2007-2008/348 UBD.PCB.Cir.No. 50/13.05.000/07-08 dated June 2, 2008 which is available in the website of Reserve Bank of India under the tab ‘Notifications’.

RBI has not prescribed any documents required to be submitted to government by the farmer after receiving the loan waiver amount. The responsibility of the banks under the scheme are given in the circular(s):

(1) UBD.PCB.Cir.No.43/13.05.000/2007-08 dated May 23, 2008
(2) UBD.PCB.Cir.No.50/13.05.000/2007-08 dated June 2, 2008.

The circulars are available in the website of Reserve Bank of India under the tab ‘Notifications’.

Please refer to our circular RBI/ 2012-13/ 381 UBD.BPD.PCB.Cir.No.31/13.05.000/2012-13 dated January 15, 2013 which is available in the website of Reserve Bank of India under the tab ‘Notifications’.

Feb 06, 2015
4104/2014-15
DCBR

Which delegated authority from Reserve Bank of India has power to cancel the license of the Bank? Please provide us the Name and Address of such authority.

Guidelines as to under which circumstances, a Bank’s banking license can be cancelled.

The Executive Director in charge of Department of Co-operative Bank Regulation (DCBR) of Reserve Bank of India has power to cancel the license of the Co-operative Bank. The Address is as under:

The Executive Director, Department of Co-operative Bank Regulation, Reserve Bank of India, 17th Floor, Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai-400001.

As per Section 22 (4) of the B. R. Act, 1949 (As Applicable to Co-operative Societies (AACS)), The Reserve Bank may cancel a licence granted to a co-operative bank:

(i) if the co-operative bank ceases to carry on banking business in India; or

(ii) if the co-operative bank at any time fails to comply with any of the conditions imposed upon it under sub-section (1) of the Section 22 of the B.R. Act, 1949 (AACS); or

iii) if at any time, any of the conditions referred to in sub-section (3) of the Section 22 of the B.R. Act, 1949 (AACS) is not fulfilled.

Provided that before cancelling a license under clause (ii) or clause (iii) of sub-section 4 of Section 22(4) of the B.R. Act, 1949 (AACS) on the ground that the co-operative bank has failed to comply with or has failed to fulfill any of the conditions referred to therein, the Reserve Bank, unless it is of opinion that the delay will be prejudicial to the interests of the co-operative bank's depositors or the public, shall grant to the co-operative bank on such terms as it may specify, an opportunity of taking the necessary steps for complying with or fulfilling such condition.

March 3, 2015
4129/2014-15
DCBR
On which amount KYC is compulsory?

KYC Procedures are carried out on all customers of a bank. The guidelines/instructions issued to Urban Cooperative Banks and DCCBs/ StCBs on Know Your Customer (KYC) Norms/ Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) / Obligation of Banks under Prevention of Money Laundering Act (PMLA), 2002 upto July 1, 2014 have been consolidated in the Master Circular dated UBD.BPD.(PCB).MC.No.16/12.05.001/2013-14 dated July 1,2014 & RPCD.RRB.RCB.AML.BC.No.02/07.51.018/014-15 dated July 1, 2014. Instructions issued subsequently are available in Circulars UBD.BPD. (PCB).Cir.No.2/14.01.062/2014-15 dated July 2, 2014, RPCD.RRB.RCB.AML.BC.No.12/07.51.018 /2014-15 dated July 3, 2014, RPCD.RRB.RCB.AML.BC.No.14/07.51.018/2014-15 dated July 21, 2014, UBD.BPD.(PCB).Cir.No.5/14.01.062/2014-15 dated August 5 2014, RPCD.RRB.RCB.AML.BC.No.31/07.51.018/2014-15 dated September 9, 2014, RPCD.RRB.RCB.AML.No.2797/07.51.018/2014-15 dated September 9, 2014, UBD.BPD (PCB).Cir.No.15/14.01.062/2014-15 dated September 16, 2014, UBD.BPD.(PCB).Cir.No.16/14.01.062/2014-15 dated September 16, 2014, UBD.BPD.(PCB).Cir.No.22/14.01.062/2014-15 dated October 22, 2014 UBD.BPD.(PCB).Cir.No.23/14.01.062/2014-15 dated October 22, 2014, RPCD.RRB.RCB.AML.BC.No.39/07.51.018 /2014-15 October 31, 2014 and RPCD.RRB.RCB.AML.No.4424/07.51.018/2014-15 dated October 31, 2014.

All circulars are available on our website www.rbi.org.in under the link 'notifications'.

March 11, 2015
60495/2015
DCBR
I had account with Co-operative Schedule Bank saving account and current account. They are charging Rs 300/- for cheque return charges, which is too high as compared to Nationalised bank. I had inquired few nationalized bank they are charging lesser than Rs 300.Whether Coo-operative banks are authorized to charge any amount as cheque return charges. Whether policy related to charges is different for nationalized bank and cooperative banks. Please refer to Para 22.1 of Master Circular UBD.BPD. (PCB).MC.No.10/12.05.001/2014 -15 dated July 1, 2014 on Customer Service for Primary Urban Cooperative Banks in this regard. All UCBs have the freedom to prescribe service charges with the approval of their Boards. However, while fixing service charges, for various types of services like charges for cheque collection, etc., UCBs are advised that they should ensure that they are reasonable and are not out of line with the average cost of providing these services. UCBs should ensure that customers with low volume of activities are not penalized. April 29, 2015
00830/2015
DCBR
How will calculate Current A/c interest during 35A Sec B.R act 1949 (AACS) imposes to any Urban Co-operative bank should and also to Saving A/c, Fixed deposit, Loans, Gold Loan, Vehicle etc.

The information sought is available in our Master Circular UBD.BPD.(PCB).MC.No.11/13.01.000/2014-15 dated July 1, 2014 on Interest Rates on Rupee Deposits – Primary (Urban) Co-operative Banks and Master Circular UBD.BPD.(PCB).MC.No.5/13.05.000/2014-15 dated July 1, 2014 on Management of Advances – UCBs which are available on our website www.rbi.org.in under the link 'notifications'.

These instructions are also applicable to banks placed under Directions in terms of section 35 A of Banking Regulation Act, 1949 subject to the terms and conditions mentioned in the Direction imposed.

May 07, 2015
01657/2015
DCBR
Can Co-operative Bank charge Interest on Interest?

Please see the Master Circular on Management of Advances UBD.BPD.(PCB) MC No.5/13.05.000/2014-15 dated July 01, 2014

Circulars on interest rates on loans and advances issued to State/Central Co-operative Banks are as follows:

i) RPCD.CO.RF.BC.No.93/07.38.01/2006-07 dated May 16, 2007
ii) RPCD.CO.RF.BC.No.78/07.38.01/2008-09 dated December 19, 2008
iii) RPCD.CO.RF.BC.No.29/07.38.01/2010-11 dated November 19, 2010

The above Circulars are also available on our website https://rbi.org.in under ‘Notifications’.

June 30, 2015
02297/1
2015
DCBR
Information about NPA and defaulter Rules and Regulations adopted by RBI for Cooperative Banks under state governments. Please refer to the Master Circular on Income Recognition, Asset Classification, Provisioning and other related matters - UCBs dated July 01, 2015 consolidating the instructions issued to Urban Cooperative Banks regarding Non Performing Assets and other related matters. The Master Circular is available on the website under link https://rbi.org.in/Scripts/BS_ViewMasterCirculardetails.aspx August 6, 2015
62275/2015
DCBR
Please provide detailed information about all the prerequisites and compliances to be fulfilled by an Urban Co-operative Bank for setting up an Off-site ATM. The criteria for setting up Off-site ATM by an Urban Co-operative Bank has been prescribed vide RBI circular – UBD.CO.LS.(PCB).Cir.No.1/07.01.000/2014-15 dated July 2, 2014. The above Circular is available on our website https://rbi.org.in under ‘Notifications’. October 29, 2015
03717/1
2015
DCBR
आपके दिशा निर्देशन में कौन कौन से बैंक कार्य करते हैं उनके नाम बताइये ?

सहकारी बैंक विनियमन विभाग सहकारी बैंकों के बैंक संबंधित कार्य को विनियमित करता है। सहकारी बैंकों की सूची हमारे वेबसाइट पर उपलब्ध है, जो कि निम्नलिखित लिंक से प्राप्त की जा सकती है :

www.rbi.org.in → Consumer Education & Protection → For Common Person
Useful Information → Financial Agents → Banks in India

November 20, 2015
50427/1
2016
DCBR
We understand from the newspaper few Scheduled Coop. Banks are making losses. We have several Fixed Deposits & Bank accounts in these banks. With the growing concern around the economy of the country, we would like to know as per RBI Guidelines & rule, if the investors of FDR in the above banks, is fully secured and protected. (Money will be returned on time). Is this refund of the money guaranteed from Government, if the bank goes bankrupt Whether actual amount will be paid as per maturity value on due dates. Please let us know the detailed status for a Fixed Deposit Investor. Each depositor in a bank is insured under DICGC Act 1961 upto a maximum of ₹1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity and at the time of liquidation/cancellation of any Bank , DICGC settles the claim up to maximum Rs.1,00,000/-( Rupees One lakh only). March 01, 2016
02794/1
DCBS

Total NPA of all banks under your control from time balance on your record, till 30th June 2015.

Give separate details of all PSU, Private Sector and Cooperative Banks details separately and year wise pending of NPA on your record till 30th June, 2015.

Any action taken against any directors or top officials of bank in recovery negligence of NPA and how much amount recovered.

Any action taken against bank’s Directors or top officials adopted false procedure to give loans to big corporate which ends to NPA.

The information on total NPAs of all Urban Co-operative Banks is available on RBI website https://www.rbi.org.in/ under Publications → Annual → Trend and Progress of Banking in India.

The information sought in respect of Urban Co-operative Banks is exempted under Section 8(1) (a) of the Right to Information Act, 2005.

Action taken against the management of the bank including the Board of Directors (BoD) for any act of omission or commission comes within the purview of RCS/CRCS in case of Uni-state and Multi state UCBs, respectively.

Action taken against the management of the bank including the Board of Directors (BoD) for any act of omission or commission comes within the purview of RCS/CRCS in case of Uni-state and Multi state UCBs, respectively.

September 24, 2015
03219
DCBS
Postal address of Central Office / Head Office / Registered Office of all Public Sector Bank and Private Banks including Co-operative Banks which are controlled by Reserve Bank of India.

Regional Office-wise lists of all Scheduled and Non-Scheduled Urban Co-operative Banks which are currently in operation, with their Head Office addresses, are available on RBI website www.rbi.org.in at:

Scheduled Urban Co-op. Banks

https://rbidocs.rbi.org.in/rdocs/Content/pdfs/schedulecoop.pdf

Non-Scheduled Urban Co-op. Banks

https://rbidocs.rbi.org.in/rdocs/Content/pdfs/nonschedulecoop.pdf

(Path: Home Page → Consumer Education and Protection → For Common Person → Useful Information → Financial Agents → Banks in India → Co-operative Banks-Scheduled Urban Co-operative Banks and Non-Scheduled Urban Co-operative Banks)

October 12,
2015
62999
DCBS
Kindly provide information with file notings on the procedure for appointment inspectors for inspection to be carried on banking entities. Kindly provide list of the inspectors available with RBI.

Inspecting officers are not appointed. Officers posted in DCBS (Regional Offices and Central Office) are deputed for carrying out the inspection. As such it is not an appointment but assignment of a task.

There is no separate list of inspecting officers as any officer from Assistant Manager to General Manager may be assigned with the said task.

January 15,
2016
01856
DCBS
At present what is the total outstanding amount of NPAs, Nationalised, Private and Co-operative Banks?

Information pertaining to Urban Cooperative Bank is available on the RBI website. Applicant can access the said information at:

http://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications

followed by path:
Primary (Urban) Co-operative Banks' Outlook > 2014-15 > Data Tables > Table 7 - Non-Performing Assets of UCBs

May 23,
2016
03161/1
DCBR

What are pre closure charges on all loan taken in bank, NBFC and Co-operative banks?

Need specific information all types of loan accounts were pre closure charges are levied.

Need specific guidelines of pre closure charges on mortgage loans.

Reserve Bank of India has not prescribed any pre-closure charges on loans, including mortgage loans for co-operative banks. However, we have issued guidelines vide circulars UBD.BPD.(PCB)CIR No.41/12.05.001/2011-12 dated June 26, 2012 and UBD.CO.BPD.PCB.Cir.No.64/12.05.001/2013-14 dated  May 26, 2014 prohibiting urban co-operative banks from levying foreclosure charges/ pre-payment penalties on all floating rate home loans and floating rate term loans sanctioned to individual borrowers respectively.

In this regard, please refer to following circulars issued by Reserve Bank of India to State/Central Cooperative Banks

  1. RPCD.CO.RF.BC.No.78/07.38.01/2008-09 dated December 19, 2008
  2. RPCD.CO.RF.BC.No.29/07.38.01/2010-11 dated November 19, 2010.
  3. RPCD.CO.RCBD.BC.No.84/03.03.01/2011-12 dated June 15, 2012
  4. RPCD.CO.RCBD.BC.No.102/07.51.013/2013-14 dated May 27, 2014.
The above mentioned circulars are available on our website www.rbi.org.in under ‘Notifications’.
August 12, 2016
03184/
DCBR
खाता Fixed Deposit पर Auto renewal का नियम कब से लागु हुआ है । भारतीय रिज़र्व बैंक ने प्राथमिक (शहरी) सहकारी बैंकों को  ‘सावधि जमा के स्वतः नवीनीकरण’ पर कोई निर्देश जारी नहीं किए हैं । तथापि, आप हमारे दिनांक 01 जुलाई 2015 के जमा  खाता  रखना – प्राथमिक (शहरी) सहकारी बैंक  पर मास्टर परिपत्र डीसीबीआर. बीपीडी (पीसीबी) एमसी. सं.6/13.01.000/2015-16 और दिनांक 12 मई 2016 के सहकारी बैंक - जमाराशियों पर ब्याज दरें पर मास्टर निदेश DCBR. Dir. No. 1/13.01.000/2015-16, जो कि हमारे वेबसाइट www.rbi.org.in (”अधिसूचनाएं” तहत) पर उपलब्ध हैं, का संदर्भ ले सकते हैं । August 16, 2016
52190/
DCBR
RBI Norms for final payment of without nominee

Regarding Reserve Bank of India instructions to cooperative banks on settlement of claims in respect of accounts without the survivor/nominee clause, please refer to Para 6.3 of our Master Circular DCBR.CO.BPD. (PCB).MC. No. 6/13.01.001/2015-16 dated July 1, 2015 on Maintenance of Deposit Accounts.

The above mentioned Master Circular can be downloaded from our website www.rbi.org.in under the link ‘Notifications’→ Master Circulars→ Co-operative Banking.

August 29, 2016
51761/1 DCBS Annual credit and deposit growth of banks in India from FY 1947/48 till FY 2015/16

Information on credit and deposit of cooperative banks can be accessed from “Report on trend and progress of banking in India” on RBI website. Link for the same is given below.

https://rbi.org.in/Scripts/AnnualPublications.aspx?head=Trend and Progress of Banking in India

July 21, 2016
03550/
DCBS
Though Co-operative Bank’s are governed by RBI, but why it is not covered under RTI Act. We had approached RBI regarding this matter, but it had shown its inability to set RTI Act should prevail on this Bank. After all why so? The Cooperative banks are established under Co-operative Act of the respective states or Multi-state Cooperative Societies Act and not under any Parliamentary Statute. Therefore, they are not 'public authority' as defined under section 2 (h) of the Right to Information Act, 2005. September 07, 2016
52502/
DCBS
In case of Negligence, Fraud from bank who should be held responsible, the employee of the bank or the employers. Please provide the circular for the same. In terms of Reserve Bank of India’s circular DBS.CO.CFMC.BC.No.1/23.04.001/2016-17 dated July 01, 2016, the bank is required to conduct enquiry to fix staff accountability and take action as per the enquiry report. The circular is available on Reserve Bank of India’s website www.rbi.org.in. Under “Notifications” – Master Directions on frauds. September 28, 2016

04749/1
DCBR

Whether RBI has issued any Circulars /orders/ guidelines regarding the banks/financial institutions charging foreclosure charges (here, the term “foreclosure charges” means the charges that a bank or financial institutions charges/ collects if a borrower repays the loan before the expiry of its term) ? With regard to foreclosure charges for Urban Cooperative Banks, you may please refer to our Circulars UBD.BPD. (PCB)CIR. NO. 41/12.05.001 /2011-12 dated June 26, 2012 and UBD.CO.BPD. PCB.No.64/12.05.001/2013-14 dated May 26, 2014.

With regard to foreclosure charges for State and Central Cooperative Banks, you may please refer to Circulars RPCD. CO.RCBD.RRB.BC. No.102/07.51.013/2013-14 dated May 27, 2014 and RPCD. CO. RCBD. BC. No. 84/03.03.01/ 2011-12 dated June 15, 2012

The above circulars are available on our website under the link https://www.rbi.org.in/Scripts/NotificationUser.aspx

December 16, 2016

03759
DCBR

What are the terms and instructions issued by RBI for (pay order) clearing in cooperative bank and customers? Give details You may refer to the following circulars issued to Cooperative Banks:
  1. RPCD.Co.RCBD.BC.No.34/07.38.03/2011-12 dated November 24, 2011.
  2. RPCD.Co.RCB.BC.No.36/07.51.010/2014-15 dated October 22, 2014 of Para No. 10.1.3 and 10.2 on Customer Service
  3. DCBR.CO.BPD. (PCB) MC. No.15 /12.05.001/2015-16 dated July 01, 2015 & Para 25 (Annex IV)

The above Circulars are available on Reserve Bank of India’s website www.rbi.org.in under ‘’Notifications”.

October 03, 2016

05333/
DCBR
What are the guidelines and rules issued to cooperative banks regarding recording of inheritor (nomination) in case of Fixed Deposit by a senior citizen.

What are the guidelines and rules issued to cooperative banks regarding payment of Fixed Deposits to the inheritor (nominee) of the deceased depositor?

Our guidelines on Nomination Facility issued to Urban Cooperative Banks are available in para 4 of Master Circular DCBR. BPD. (PCB). MC.No:6/13.01.000/2015-16 dated July 1, 2015 on Maintenance of Deposit Accounts- Primary (Urban) Co-operative Banks. You may please refer to our following circulars issued to State/Central Co-operative Banks (StCB/DCCB) in this regard:
  1. RPCD.CO.RF.BC.No.12/07.38.01/2005-06 dated July 12, 2005
  2. RPCD.CO.RF.BC.No.70/07.38.01/2006-07 dated April 12, 2007
  3. RPCD.CO.RF.BC.No.96/07.38.01/2008-09 dated April 13, 2009
  4. RPCD.CO.RCB.BC.No.53/07.51.010/2012-13 dated December 24, 2012.

The above mentioned circulars are available on our website www.rbi.org.in under the link ‘Notifications’.

January 12, 2017
05177
DCBR
KYC के पूरा न होने पर बैंक खाता धारक के विरुद्ध किस प्रकार कार्यवाही करते हुए खाता बंद/फ्रीज़ कर सकता है की जानकारी ।

क्या बैंक बिना सूचना के खाता बंद या फ्रीज़ कर सकता है की जानकारी।

इस विषय में कृपया हमारी वैबसाइट पर जारी केवाईसी के मास्टर निदेश सं. DBR.AML.BC. No.81/14.01.001/2015-16 दिनांक फरवरी 25, 2016 का संदर्भ लें, जिसमे बिन्दु संख्या 39 पर बैंको द्वारा खाते को फ्रीज़/बंद करने के बारे मे  निदेश दिये गए हैं। उपर्युक्त परिपत्र भारतीय रिजर्व बैंक के बेवसाइट www.rbi.org.in पर के "अधिसूचना" लिंक के तहत उपलब्ध है।

January 09, 2017
01346/
DCBS
Can a Multi-State Co-operative Society operate as Co-operative, Schedule Bank under the acts of Multi-State Co-operative Society? A Multi-State Co-operative Society can operate as a Co-operative Scheduled Bank only when licensed by Reserve Bank of India and included in Second Schedule of Reserve Bank of India Act, 1934. March 23, 2017
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