Definition of cooperative credit societies
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7.2 Under the provisions of Section 5(ccii) of Banking Regulation Act, 1949 (AACS), a cooperative credit society is defined as acooperative society, "the primary object of which is to provide financial accommodation to its members and includes acooperative land mortgage bank.
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Thousands of cooperative credit societies will have to seek banking license from the Reserve Bank of India following amendment in the Banking Regulation Act.
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Currently, co-operative credit societies are registered and regulated by Registrar of Co-operative Societies but their operations do not come under the purview of the banking regulator, the RBI, despite accepting deposits and giving loans.
Cooperative credit societies have mushroomed across India, mainly floated by employees of a large company to encourage savings habit. For instance, IDBI Bank, itself has an in-house credit co-operative society even as it operates as a bank. In fact, it was floated when it was operating as a financial institution.
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Currently, co-operative credit societies are registered and regulated by Registrar of Co-operative Societies but their operations do not come under the purview of the banking regulator, the RBI, despite accepting deposits and giving loans.
Cooperative credit societies have mushroomed across India, mainly floated by employees of a large company to encourage savings habit. For instance, IDBI Bank, itself has an in-house credit co-operative society even as it operates as a bank. In fact, it was floated when it was operating as a financial institution.
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