–Compiled by I C Naik For those cooperators who are engaged in making out a strong case for freeing cooperative banks from the control of National regulator the RBI …. following news is a shocker… Yes there are proponents of stricter control on all credit creating institutions as a safeguard against depositor’s money… Here is a dispatch from a cooperator in Mumbai ET BUREAU MUMBAI PCCs can’t take deposits without RBI nod within a year of norms notification “Thousands of ...

Reserve Bank of India has issued certain Directions to Merchants Co-operative Bank located in Dhule. The directions have many clauses and ask the urban cooperative bank to adhere to them strictly. RBI says the bank shall not, without prior approval in writing from Reserve Bank of India, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits. It further restricts the bank from disburse or agree to disburse any ...