Cooperative Credit Societies not required to obtain Banking Licence

Cooperative Credit Societies are not required to obtain banking licence from the Reserve 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 authorised 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 by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.


profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates