Section 13-A   [ View Judgements ]

Registration Of Co-Operative Banks


(1) No co-operative bank shall be registered under this section unless it is an eligible co-operative bank.



(2) Subject as aforesaid--



(a) the Corporation shall register every existing co-operative bank as an insured bank before the expiry of thirty days next following the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968;



(b) the Corporation shall register as an insured bank--



(i) every new co-operative bank [other than a primary credit society becoming a primary co-operative bank after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968] as soon as may be after it is granted a licence under section 22 of the Banking Regulation Act, 1949;



(ii) a primary credit society becoming a primary co-operative bank after such commencement within three months of its having made an application for licence under the said section.



[2] [(iii) every co-operative bank which has come into existence after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968, as a result of the division of any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business, at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, or at any time thereafter, within three months of its having made an application for a licence under the said section;]



Provided that a bank referred to in clause (b) shall not be so registered if it has been informed by notice in writing by the Reserve Bank that such a licence cannot be granted to it.

FOOTNOTES:

1. Sections 13A to 13D inserted by the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968).

2. Inserted by Banking Laws (Amendment) Act (1 of 1984). Section 61 (w.e.f. 15-2-84).

#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon