Telangana based urban co-op bank named The Gayatri Cooperative Urban Bank was accorded multi state co-op status by an order of the Central Registrar recently. The UCB was indeed lucky as only a very few applicants are successful in getting this tag.
In a communication the Registrar said “The UCB has been registered as a Multi State Cooperative Bank by conversion, under section of the Multi State Cooperative Societies Act, 2002 (39 of 2002) and the rules framed thereunder. The Registration Number of the Bank is MSCS/CR/1290/2019. “
The area of operation of the Bank shall be confined to the entire State of Telangana and West Godhavari, East Godhavari and Krishna Districts in Andhra Pradesh.”
“The objects and functions indicated in the bye-laws shall be subject to RBI guidelines and the bank will also follow all guidelines/rules/regulations issued by RBI from time to time”, it clarified.
The Bye-laws filed by the Bank have also been registered.