Return in this form is to be submitted to the reserve bank of india under section 24 of the banking regulation act, 1949 as applicable to cooperative societies by scheduled state cooperative banks and sections 18 and 24 of the act ibid by the other cooperative banks not later than 15 days after the end of the months to which it relates. Every registered society shall keep a register to be called the a the name, address and occupation of each member and a statement of the shares, if any, held by him. These regulations may be cited as the cooperative societies regulations, 2016 and shall come into force on 1st of january, 2016. The cooperative societies regulations made by the minister under section 247 of the cooperative societies act, no.
The name of the bank shall be palus sahakari bank ltd. The banking regulation cooperative societies rules, 1966 scribd. The banking regulation act, 1949 reserve bank of india. Duty of directors and officers of banking company to assist in the realization of.
Act to apply to cooperative societies in certain cases nothing in this act shall apply to 1 the word companies omitted by act 23 of 1965, w. The banking laws application to cooperative societies act, 1965 in continuation of our circular no. The state cooperative union shall prepare regulations with the approval of. It was amended and renamed as banking regulation act, 1949 and extended to the cooperative banks from 1 march 1966 as the banking regulation act, 1949 as applicable to cooperative societies b r act, 1949 aacs. The islamic banking system emerged in 2008 in tanzania and is growing very fast. Banking regulation cooperative societies rules, 1966. Urban cooperative banks are supervised by the reserve bank, while rural cooperative credit societies are supervised by the nabard. An act of parliament relating to the constitution, registration and regulation.
Banking regulation cooperative societies rules, 1966, duly signed by the banks chairman president authorized official under the banks official seal for issue of a licence to commence banking business under section 22 of the banking regulation act, 1949 as applicable to cooperative societies. Short title 1 these rules may be called the himachal pradesh cooperative societies rules, 1971. Act to apply to cooperative societies in certain c ases. Act to apply to cooperative societies subject to modifications. Preliminary 1 short title and commencement chapter ii. Whereas certain draft rules further to amend the gujarat cooperative societies rules, 1965 797 kb acts of gujarat legislature and ordinance promulgated and regulations 836 kb money lending act 333 kb the gujarat cooperative societies. Cooperative banks period of preservation of records rules, 1985. The banking laws application to cooperative societies act, 1965 act 23 of 1965 mh509 dated 25th september, 1965 an act further to amend the reserve bank of india act 1934 and the banking companies act, 1949 for the purpose of regulating the banking business of certain cooperative societies and for matters connected therewith. Banking laws amendment act, 1983 bringing into force. State cooperative societies act, 2002 39 of 2002 or. Pdf the legislative challenges of islamic banking in. The banking regulation co operative societies rules, 1966 free download as pdf file. It has, however, been observed that some urban cooperative banks in gujarat have been.
Decision of registrar to be communicated in case of refusal to register 4. Banking regulation v cooperative societies rules, 1966, the expression newspaper means. The various formsreturns are given in the banking regulation cooperative. Cooperative societies 7 issue 1 chapter 490 cooperative societies act date of assent. When the registrar refuses to register a society or its rules he shall record in writing his reasons for doing so. Constitution of india, it is expedient to consolidate and amend the law relating to cooperative societies in that state. The banking regulation cooperative societies rules, 1966. Banking laws application to cooperative societies act, 1965 maharashtra state cooperative tribunal regulations, 1962 home bare act state acts and. The punjab government employees conduct rules, 1966 contents rule subject 1. Matters in respect of which a society shall or may make bylaws 5. Special general meeting at the instance of registrar 7. An act of parliament relating to the constitution, registration and regulation of cooperative societies and for purposes incidental thereto.
The banking regulation cooperative societies rules, 1966 free download as pdf file. Section 2 in the banking regulation cooperative societies rules, 1966. Societies, which had come into force from 1 march 1966 has vested the. The emerging urban cooperative banks ucbs in india. Banking laws application to cooperative societies act, 1965 number.
Application of other laws not barred 3 act to apply to cooperative societies in certain cases. The banking regulations act, 1949 as applicable to cooperative. Regulation act which have been made applicable to cooperative societies under part v of the. Banking companies period of preservation of records. The banking regulation act, 1949 vijay cooperative. The act was originally in force from 16 march 1949 as the banking companies act, 1949. Later on, madras, bihar and bengal passed their own acts in 1932, 1935 and 1940 respectively. The updating and uploading of rules, regulations, notifications, etc.
Section 6 in the banking regulation cooperative societies rules, 1966 6. For the purpose of amending the reserve bank of india act, 1934 along with the banking companies act, 1949 with an aim of controlling the banking sector coming under some cooperative societies, the central government enacted the banking laws application to cooperative societies act, 1965. Banking laws application to cooperative societies act, 1965. This act may be called the maharashtra cooperative societies act, 1960.
The reserve bank regulates and supervises the banking functions of ucbs under the provisions of banking regulation act, 1949aacs. Cooperative banking system 7 national bank for agriculture and rural development nabard 9. Banking regulation act 1949 as applicable to co operative. Cooperative societies disputes pertains to membership of the petitioner of the society in question once the additional registrar, cooperative societies has taken a view on the substantive issue which is also based largely on disputed question of facts which this court would be unable to answer in the exercise of its jurisdiction under article 226 of the constitution of india, it would be. Act to apply to cooperative societies in certain cases. Co operative banks in india are registered under the cooperative societies act. A cooperative society or a bank desiring to have a licence under section 22 of the act shall apply to the principal office of the reserve bnk in the form specified below, namely. Banking regulation act 1949, prevention of money laundering act, 2002. Act to apply cooperative societies in certain cases.
The banking laws application to cooperative societies. In these rules, unless the context otherwise requires, a the act means the banking regulation act, 1949 10 of. The banking regulation co operative societies rules, 1966. Urban banks department regulation and supervision of. The banking regulation cooperative societies rules, 1966 amendment to rules 5 and 9 and change in the forms i and vii of the returns prescribed there under 1 acd. They are governed by the banking regulations act 1949 and banking laws cooperative societies act, 1965. Banking regulation act, 1949, and by the reserve bank of india act, 1934. Form of statement of liabilities and cash reserve and other assets.
It is hereby enacted in the eleventh year of the republic of india as follows. The cooperative societies and cooperative banks repayment of loans ordinance, 1966 establishment of federal bank for cooperative and regulation of cooperative banking act, 1977 federal bank for cooperative and regulation of cooperative banking account rules pakistan banking and finance services commission act, 1992 object. Cooperative banks are often created by persons belonging to the same local or professional community or sharing a. Regulation cooperative banks came under the purview of the banking regulations act only in 1966. Banking laws application to cooperative societies act.