RBI in its current (22-Nov-2021) press launch cautions cooperatives from utilizing the phrase “financial institution” towards their identify: The Banking Regulation Act, 1949 (BR Act, 1949) was amended by the Banking Regulation (Modification) Act, 2020 (Act 39 of 2020) which got here into power on September 29, 2020. Accordingly, co-operative societies can’t use the phrases “financial institution”, “banker” […]

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