Financial Daily from THE HINDU group of publications
Thursday, Dec 02, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 02, 2004 |
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Money & Banking
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Co-operatives Bill on multi-State co-op banks introduced Our Bureau
New Delhi , Dec. 1 THE Finance Minister, Mr P. Chidambaram, today introduced a Bill in Parliament to allow the Reserve Bank of India to issue licences to existing multi-State co-operative banks. The bill would replace an Ordinance promulgated earlier for the purpose. The Bill would also enable the RBI to issue licences in future to co-operative societies registered under the Multi-State Cooperative Societies Act, 2002, to carry on banking business. Provisions have also been incorporated to enable supersession of the board of directors of a multi-State co-operative bank in certain cases. The Bill would make multi-State co-operative banks as "eligible co-operative bank" under the Deposit Insurance and Credit Guarantee Corporation Act. This would allow deposits in such banks to be insured by DICGC. It also provides for reimbursement to the DICGC by liquidator or transferee bank in the manner provided under the DICGC Act.
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