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Cooperative Societies Must Not Use Word “Bank” in Names: RBI

December 04, 2017

Cooperative Societies Must Not Use Word “Bank” in Names: RBI

The Reserve Bank of India (RBI) has asked the co-operative societies not to use the word “bank” in their names as it’s against the Banking Regulation Act.

The Central Bank released a statement saying that it has been brought to its notice that some cooperative societies are using the word “Bank” in their names, which violates Section 7 of the Banking Regulation Act, 1949.

In the statement, RBI also said that some cooperative societies are accepting deposits from the public which also violates the Act.

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