Banking Licence not Required by Cooperative Credit Societies

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..... Banking Licence not Required by Cooperative Credit Societies
News and Press Release
Dated:- 22-2-2013

Cooperative Credit Societies are not required to obtain banking licence from the Res .....

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..... erve Bank of India (RBI) under the provisions of the Banking Regulation Act, 1949. As per the existing instructions of RBI, the Primary Agricultural Cooperative Credit Societies (PACS) are not author .....

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..... ised to collect deposits from the public except members. They offer deposit services to their members and, in turn, use these resources to lend to the needy members of the Societies. This was stated .....

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..... by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today. DSM/RS/ka (Release ID :92425)
News - Press release - PIB .....

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