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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required


Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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        Case ID :
        FEMA & RBI

        Banking Licence not Required by Cooperative Credit Societies

        February 22, 2013

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        Cooperative Credit Societies are not required to obtain banking licence from the Reserve Bank of India (RBI) under the provisions of the Banking Regulation Act, 1949.

        As per the existing instructions of RBI, the Primary Agricultural Cooperative Credit Societies (PACS) are not authorised to collect deposits from the public except members. They offer deposit services to their members and, in turn, use these resources to lend to the needy members of the Societies.

        This was stated by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.

        DSM/RS/ka

        (Release ID :92425)

        Cooperative credit societies exempt from banking licence requirement under banking regulation, but may accept deposits only from members. Cooperative Credit Societies are not required to obtain a banking licence under the Banking Regulation Act; Primary Agricultural Cooperative Credit Societies may accept deposits only from their members and use those member deposits to provide credit and lending services to needy members.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Cooperative credit societies exempt from banking licence requirement under banking regulation, but may accept deposits only from members.

                                Cooperative Credit Societies are not required to obtain a banking licence under the Banking Regulation Act; Primary Agricultural Cooperative Credit Societies may accept deposits only from their members and use those member deposits to provide credit and lending services to needy members.


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