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.
New twist in Spandana founder and Kedaara Capital's public spatThe new management at Spandana has also hired an independent agency to probe into issues concerning the IT system and operations of Criss Financial – a gold loan subsidiary of it, hinting that there is a suspicion of wrongdoings.
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