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of <h1>RBI Act Amended: Cooperative Society Member Contributions Now Deposits if Lacking Full Voting Rights (Sec 45-I)</h1> In the Reserve Bank of India Act, 1934, section 45-I is amended to include a new Explanation III. This explanation clarifies that amounts accepted by a cooperative society from its members or shareholders, excluding share capital, will be considered deposits if those members or shareholders are nominal or associate members without full voting rights in the society's meetings. This amendment aims to regulate such financial transactions under the Banning of Unregulated Deposit Schemes Act, 2019.
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