(a) whether any State Government registered its opposition on RBI’s new notification on banning cooperative societies from deposits/investments;
(b) if so, the details thereof; and
(c) the steps taken to address their grievances?
(a) whether any State Government registered its opposition on RBI’s new notification on banning cooperative societies from deposits/investments;
(b) if so, the details thereof; and
(c) the steps taken to address their grievances?
MINISTER OF COOPERATION
???????? ?????? (SHRI AMIT SHAH)
(a) to (c): Ministry of Cooperation has not received any representation from any State Government on RBI’s Press release on cautioning members of public against some co-operative societies using the word ‘Bank’ as part of their names and accepting deposits from non-members/ nominal members/ associate members, which is tantamount to conducting banking business in violation of the provisions of the Banking Regulation (BR) Act, 1949. However, RBI has received a letter dated 01.12.2021 from the Registrar of Co-operative Societies, Kerala and a letter dated 02.12.2021 from the Minister of Co-operation and Registration, Government of Kerala requesting for withdrawal of the caution notice issued by RBI.
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