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Co-operative banks are small-sized units which are organized in the co-operative sector of urban and non-urban centers. They have become a vital part of the success of Indian Financial Inclusion story. They have accomplished many landmarks since their creation and have helped a normal rural Indian to feel empowered and secure. The Co-operative Bank is organized and managed with the dictum of co-operation, self-help and mutual help.
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Every Cooperative society shall obtain a license from the Reserve Bank of India to carry banking business in India. It shall also incorporate bye-laws duly approved by the Registering Authority.
The Bye-laws of the co-operative banks shall comprise the geographical area/s of Bank. The primary (urban) co-operative bank (UCB) may expand their Area of Operation by passing a resolution by the general body.
After expanding the bye-laws registered with the Registrar of Co-operative Societies (RCS)/Central Registrar of Co-operative Societies (CRCS) shall be amended.
The UCBs licensed under Tier I and Tier II, may extend its area of operation as stated above without prior permission from the Reserve Bank of India which is subject to satisfying the following conditions:
All other Banks is other than Tier I Bank.
Financially sound and well managed (FSWM) UCBs[1] having a minimum assessed the net worth of ₹ 50 crores, is allowed to extend their area of operation beyond the State of registration as also to any other State/s of their choice subject to the criteria stipulated above for FSWM.
Considering the importance of the Co-operative Banks in Indian Financial market, RBI has granted relaxation on prior approval requirement to some USBs to extend the area of operation than mentioned in bye-laws.
Also, Read: Shifting of Branches by Cooperative Banks RBI Approval.
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