13A. Registration of co-operative banks
13A. Registration of co-operative banks.—(1) No co-operative bank shall be registered under this section unless it is an eligible co-operative bank.
Subject as aforesaid—
the Corporation shall register every existing co-operative bank as an insured bank before the expiry of thirty days next following the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968);
the Corporation shall register as an insured bank—
every new co-operative bank [other than a primary credit society becoming a primary co-operative bank after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968)] as soon as may be after it is granted a licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949);
a primary credit society becoming a primary co-operative bank after such commencement within three months of its having made an application for a licence under the said section:
[(iii) every co-operative bank which has come into existence after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968), as a result of the division of any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business, at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 (23 of 1965), or at any time thereafter, within three months of its having made an application for a licence under the said section;]
Provided that a bank referred to in clause (b) shall not be so registered if it has been informed by notice in writing by the Reserve Bank that such a licence cannot be granted to it.
Amendment notes (2)
- Ins w.e.f. 1-7-1971 . Ins. by Act 56 of 1968, s. 7 (w.e.f. 1-7-1971).
- Ins w.e.f. 15-2-1984 . Ins. by Act 1 of 1984, s. 61 (w.e.f. 15-2-1984).