Co-operative society - Indian Laws - General

As per section 56(cciia) of the Banking Regulation Act, 1949. Co-operative society means- a society registered or deemed to have been registered under any Central Act for the time being in force relating to the multi-State co-operative societies, or any other Central or State law relating to co-operative societies for the time being in force; KERALA STATE CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD. KSCARDB VERSUS THE ASSESSING OFFICER, TRIVANDRUM AND ORS.- 2023 (9) TMI 761 - SUPREME COURT ..........when the definition of co-operative bank in Section 56 of BR Act, 1949 is viewed in terms of Sections 2(u) of the NABARD Act, 1981, it is clear that only a state co-operative bank would be within the scope and meaning of a banking company under Section 2(c) of the BR Act, 1949 on obtaining licence under Section 22 of the said Act. In Apex Co-operative Bank of Urban Bank of Maharashtra and Goa Ltd. - 2003 (10) TMI 388 - Supreme Court ................The term co-operative bank has been defined under Section 5(cci) as a state co-operative bank, a central co-operative bank and a primary co-operative bank. Thus, the term co-operative bank does not include all co-operative societies. It only includes the abovementioned three types of societies which function as banks. By virtue of Section 5(ccvii), the term state co-operative bank is to be understood as defined in NABARD Act, 1981. Thus, unless a co-operative society is a state cooperative bank or a central co-operative bank or a primary co-operative bank as defined under NABARD Act, 1981, no licence can be issued by Reserve Bank of India.