Deposits with Primary Agricultural Credit Societies not insured - આરબીઆઈ - Reserve Bank of India
80465731
પ્રકાશિત તારીખ મે 24, 2007
Deposits with Primary Agricultural Credit Societies not insured
Instances have come to the notice of the Reserve Bank of India where Primary Agricultural Credit Societies (PACS) in some States are engaged in banking business and using the word 'bank' in their names. The Reserve Bank of India clarifies in the public interest that it does not regulate the activities of the PACS, as they are not covered by the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), and that the deposits maintained with PACS are not insured by the Deposit Insurance and Credit Guarantee Corporation.
Sabeeta Badkar
Assistant Manager
Press Release : 2006-2007/1606
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