https://www.taxtmi.com/caselaws?id=753880 A co-operative bank registered under the Maharashtra Co-operative Societies Act is not impliedly excluded from the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 merely because the Banking Regulation Act, 1949 applies to it. Section 2(d) of the MPID Act expressly excludes only government-owned or government-controlled corporations or co-operative societies, and banking companies under section 5(c) of the Banking Regulation Act. Section 56 extends banking regulation to co-operative banks, but that regulatory coverage does not displace the MPID Act, which operates in a different sphere by creating penal consequences to protect depositors from fraudulent defaults and related misconduct. Prosecution under section 3 of the MPID Act can therefore proceed against a co-operative bank not owned or controlled by the State or Central Government. en-us Mon, 06 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753880 A co-operative bank registered under the Maharashtra Co-operative Societies Act is not impliedly excluded from the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 merely because the Banking Regulation Act, 1949 applies to it. Section 2(d) of the MPID Act expressly excludes only government-owned or government-controlled corporations or co-operative societies, and banking companies under section 5(c) of the Banking Regulation Act. Section 56 extends banking regulation to co-operative banks, but that regulatory coverage does not displace the MPID Act, which operates in a different sphere by creating penal consequences to protect depositors from fraudulent defaults and related misconduct. Prosecution under section 3 of the MPID Act can therefore proceed against a co-operative bank not owned or controlled by the State or Central Government. Case-Laws Indian Laws Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753880