Co-operative society savings account

Priyanka Sanchania (Querist) 18 March 2011 This query is : Resolved
Hi,

KIndly tell me that is it mandatory to open savings bank account of co-operative soceity with co-operative banks only?

Can the account be opened with nationalized bank like SBI?

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M V Gupta (Expert) 19 March 2011
With the permission of the Registrar the Society can open A/C with any other Bank. Ur Society should mention the reasons why it wants to open the A/C with Nationalised bank.

Surrender K Singal (Expert) 19 March 2011
It is as per the provisions of State Coop Act / Rules !

malipeddi jaggarao (Expert) 20 March 2011
It is not mandatory. But the registered cooperative society can avail certain facilities extended by the cooperative bank as both of them governed by state government. Ofcourse RBI governs the cooperative banks as regulatory authority and the cooperative banks are under dual control of State Government and RBI. Since registered cooperative society is also governed by the provisions of the State Government, availment of credit from the co-operative bank is easy.

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