RBI has cautioned about Co-operative societies using the word “bank” in their names and for accepting deposits from non-members. RBI said that Cooperative societies cant use the words “bank", "banker" or "banking" as part of their names, except as permitted under the provisions of BR Act, 1949 or by the RBI. It also informed that Co-operative societies have neither been issued any licence under BR Act, 1949 nor are they authorized by the RBI for doing banking business.
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021592/co-operative-societies-can’t-use-the-word-“bank”-in-their-names-rbi-cautions-general-public.aspx
No comments:
Post a Comment