Tag: cooperative banks
RBI cautions against various Co-operative societies using word “Bank” in their names The RBI has cautioned general public against various Co-operative societies using word “Bank” in their names. According to RBI, in terms of the Banking Regulation Act, 1949 (BR Act, 1949) which was amended by the Banking …
Deduction u/s 80P(2)(a)(i) allowable despite loans by co-operative societies to members not related to agriculture. ABCAUS Case Law CitationABCAUS 3440 (2021) (01) SC Important case law relied referred:Chirakkal Service Co-operative Bank Ltd. v. CIT (2016) 384 ITR 490 (Ker.)Perinthalmanna Service Co-operative Bank Ltd. v. ITO and Anr.(2014) 363 …
Banking Regulation (Amendment) Ordinance 2020 promulgated by President to extend RBI powers to Co-operative Banks President of India Promulgates Banking Regulation (Amendment) Ordinance, 2020 Amendments to ensure better management & sound regulation of Cooperative banks. Facilitates making of reconstruction/amalgamation Scheme in the interest of public/depositors/banking/proper banking company management …
