Vijay B
I had few queries regarding Credit Co-operative Societies of Karnataka.
1.Is there any limit on the maximum Interest rate that can be offered for the Fixed Deposits? If yes, what is the interest rate and who regulates it?
2.Is there any limit on the maximum Interest rate that can be offered for the Fixed Deposits? If yes, what is the interest rate and who regulates it?
3.Can a Society pay commission for the raising Fixed Deposits and Pigmy Deposits to the members who also act as agents?
Please provide your valuable inputs with respect to the above queries.
I C Naik
All these matters are subject to RBI guidelines and usually the Ceilings are imposed with in which banks have a play.
The Question raised by Vijay is with respect to Credit Coop Societies. There is no cap prescribed by Govt. or RBI with respect to interest rates. The Credit Coop Societies will not come under the supervision of RBI.