The Supreme Court will regulate activities of credit societies and multi-state cooperative societies in a manner that they will not be able to escape if they are in the wrong.
The court will also examine if acceptance of deposits from public would come within the ambit of ” banking activity”, reports Indian Express.
The apex court has restrained cooperative societies in Rajasthan from carrying out any ‘banking activity,’ as defined under the Banking Regulations Act, and further imposed restrictions on accepting deposits from general public.
The court said several such societies accepted deposits from nominal members as well as from public without obtaining a license for a banking business from the Reserve Bank of India.
can anyone provide with the copy of the order.
Check the link http://courtnic.nic.in/jodh/judfile.asp?ID=CW&nID=26&yID=2013&doj=11%2F19%2F2014