Saurabh Rai
I would like to know whether SERFAESI is applicable to state level cooperative banks Maharashtra.
I C Naik
Yes. Persuant to “Ministry of Finance and Company Affairs (Department of Economic Affairs) Notification No.S.O.105(E) dated the 28th January,2003. Published in the Gazette of India (Extraordinary) Part II Section 3(ii) dated 28.1.2003 page 1.
In exercise of the powers conferred under item (v) of clause (c)of sub-section (1) of Section 2 of the Securitisation and Reconstructin of Financial Assets and Enforcement of Security Interest Act,2002 (54 of 2002), the Central Government hereby specifies :Co-operative Bank” as defined in clause (cci) of Section 5 of Banking Regulation Act,1949 (10 of 1949) as ‘bank’ for the purpose of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (54 of 2002).”
(cci) of Section 5 reads as under :(cci) “Co-operative bank” means a state co-operative bank, a central co-operative bank and a primary co- operative bank;