Deposits with Primary Agricultural Credit Societies not insured - ಆರ್ಬಿಐ - Reserve Bank of India
80465731
ಪ್ರಕಟಿಸಲಾದ ದಿನಾಂಕ
ಮೇ 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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