Deposits parked with co-operative credit societies not eligible for insurance cover: RBI

Some Co-operative Societies are using the word “Bank” in their names in violation of Section 7 of the Banking Regulation Act, 1949 which is applicable to co-operative societies under the Act, according to the Reserve Bank. "Accordingly, co-operative societies cannot 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 Reserve Bank of India" the regulator clarified in a release.

from Banking/Finance-Industry-Economic Times https://ift.tt/3oJCf0o