BANKING AFFAIRS

Detailed explanation-1: -UCBs are primarily registered as cooperative societies under the provisions of either the State Cooperative Societies Act of the State concerned or the Multi State Cooperative Societies Act, 2002 if the area of operation of the bank extends beyond the boundaries of one state.

Detailed explanation-2: -Under the provisions of Section 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.

Detailed explanation-3: —(1) No co-operative society other than a co-operative bank shall use as part of its name or in connection with its business any of the words “bank", “banker” or “banking", and no co-operative society shall carry on the business of banking in India unless it uses as part of its name at least one of such words.

Detailed explanation-4: -It was amended and renamed as Banking Regulation Act, Regulation Act, 1949 and extended to the and extended to the cooperative banks from cooperative banks from 1 March 1966 as the Banking Regulation Act, Banking Regulation Act, 1949 (As Applicable to (As Applicable to Cooperative Societies) [B R Act, 1949 (AACS)].