Is it compulsory for a Co-operative Bank to have word "Co-operative" in its Name? If Yes, kindly give relevant RBI Guideline and / or Circular.
Thanks
RD (CA) 16 July 2011
Is it compulsory for a Co-operative Bank to have word "Co-operative" in its Name? If Yes, kindly give relevant RBI Guideline and / or Circular.
Thanks
adv. rajeev ( rajoo ) (practicing advocate) 16 July 2011
Yes it is mandatory to use " Co-Operative" because itself denotes that it is co-operative bank, otherwise it may mislead.
Isaac Gabriel (Advocate) 16 July 2011
The Registrar of Coop.Societies is the Registering authority for the cooperatives. But those banks which cross the targeted level of transactions is brought under the control of the RBI for Administrative reasons with regard to banking transactions ie.under the banking regulation act and periodical inspection is carried over by the RBI officials.. It is not RBI which forces the use of Cooperative in its name..
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