Dear Experts,
I need your expert advice on an urgent matter. Can a society registered under West Bengal Socities Act, 1961 take deposits from public and can it lend to the public? I understand that taking deposits is generally regulated by RBI in case of NBFCs, Banks (Coop, RRB etc). The society mentions promoting thrift as one of its purposes in its bye-laws. But can it get into lending activities?
Please help.
Regards,
T Chaudhuri
