https://www.taxtmi.com/caselaws?id=108605 Banking by a co-operative society is governed by the Banking Regulation Act, 1949, because banking falls within the Union field and is subject to Reserve Bank control. A society can lawfully carry on banking business only if it qualifies as a co-operative bank holding the required RBI licence, or within the Act's limited statutory exceptions such as a primary credit society or transitional categories. Kerala co-operative law does not create a separate category permitting registration as an unlicensed urban bank, and registration power must be exercised consistently with RBI norms and depositor-protection requirements. The effect is that a co-operative society cannot be formed or run as an urban bank without compliance with the Banking Regulation Act and RBI licensing framework, save for the narrow exceptions recognised by that Act. en-us Fri, 29 Nov 2002 00:00:00 +0530 Mon, 02 Apr 2012 18:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108605 Banking by a co-operative society is governed by the Banking Regulation Act, 1949, because banking falls within the Union field and is subject to Reserve Bank control. A society can lawfully carry on banking business only if it qualifies as a co-operative bank holding the required RBI licence, or within the Act's limited statutory exceptions such as a primary credit society or transitional categories. Kerala co-operative law does not create a separate category permitting registration as an unlicensed urban bank, and registration power must be exercised consistently with RBI norms and depositor-protection requirements. The effect is that a co-operative society cannot be formed or run as an urban bank without compliance with the Banking Regulation Act and RBI licensing framework, save for the narrow exceptions recognised by that Act. Case-Laws Companies Law Fri, 29 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108605