General
This query is : Open
19 January 2013
What is the eligibility-rules-regulations-act applicable for conversion of co-operative society into Bank,,,
Radhakrishnan K.V.
(Expert)
19 January 2013
A co-operative society automatically becomes a Co-operative bank if the following conditions are fulfilled:-
(1) it is not a agricultural credit society (2) its primary object or principal business is the transaction of banking business
(3) its paid up share capital and reserves are not less than Rs.1lakh.
(Sec.5 cc(v) r/w Sec.56 of BR act.)
To carry on banking business licence from RBI is required.[Sec.22(1)(b) r/w sec.56 of BR act. Please not that RBI is yet to finalise licencing norms in respect of co-operative banks on the basis of recommendations of Malegam committee (2011).
(1) it is not a agricultural credit society (2) its primary object or principal business is the transaction of banking business
(3) its paid up share capital and reserves are not less than Rs.1lakh.
(Sec.5 cc(v) r/w Sec.56 of BR act.)
To carry on banking business licence from RBI is required.[Sec.22(1)(b) r/w sec.56 of BR act. Please not that RBI is yet to finalise licencing norms in respect of co-operative banks on the basis of recommendations of Malegam committee (2011).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
