{"id":172894,"date":"2017-12-02T11:06:55","date_gmt":"2017-12-02T05:36:55","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=172894"},"modified":"2017-12-02T11:06:55","modified_gmt":"2017-12-02T05:36:55","slug":"rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/","title":{"rendered":"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits"},"content":{"rendered":"<div class=\"fsize16\">\n<p style=\"text-align: justify;\">It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word \u201cBank\u201d in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) (the B.R. Act, 1949).<\/p>\n<p style=\"text-align: justify;\">It has also come to the notice of RBI that some Co-operative societies are accepting deposits from non-members\/nominal members\/associate members which tantamount to conducting banking business in violation of the provisions of the B.R. Act, 1949.<\/p>\n<p style=\"text-align: justify;\">Members of the public are hereby informed that such societies have neither been issued any licence under B.R. Act, 1949 nor are they authorized by the RBI for doing banking business. The insurance cover from Deposit Insurance and Credit Guarantee Corporation (DICGC) is also not available for deposits placed with these societies. Members of public are advised to exercise caution and carry out due diligence of such Co-operative societies before dealing with them.<\/p>\n<p style=\"text-align: right;\">Reserve Bank of India<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word \u201cBank\u201d in <\/p>\n","protected":false},"author":91,"featured_media":108551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[17031,25674,2611],"class_list":["post-172894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-banking-regulation-act","tag-co-operative-societies","tag-RBI"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits\" \/>\n<meta property=\"og:description\" content=\"It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word \u201cBank\u201d in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-02T05:36:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Saba\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/\"},\"author\":{\"name\":\"Saba\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"headline\":\"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits\",\"datePublished\":\"2017-12-02T05:36:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/\"},\"wordCount\":175,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/RBI-3.jpg\",\"keywords\":[\"Banking Regulation Act\",\"co-operative societies\",\"RBI\"],\"articleSection\":[\"Hot Off The Press\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/\",\"name\":\"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/RBI-3.jpg\",\"datePublished\":\"2017-12-02T05:36:55+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/RBI-3.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/RBI-3.jpg\",\"width\":1330,\"height\":887},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2017\\\/12\\\/02\\\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/e8e76b10dfc9c0d576324bfdbb2c2785\",\"name\":\"Saba\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g\",\"caption\":\"Saba\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_2\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/","og_locale":"en_US","og_type":"article","og_title":"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits","og_description":"It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word \u201cBank\u201d in","og_url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2017-12-02T05:36:55+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg","type":"image\/jpeg"}],"author":"Saba","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Saba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/"},"author":{"name":"Saba","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"headline":"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits","datePublished":"2017-12-02T05:36:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/"},"wordCount":175,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg","keywords":["Banking Regulation Act","co-operative societies","RBI"],"articleSection":["Hot Off The Press","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/","url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/","name":"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg","datePublished":"2017-12-02T05:36:55+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg","width":1330,"height":887},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/02\/rbi-cautions-co-operative-societies-using-word-bank-names-accepting-deposits\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"RBI cautions co-operative societies from using the word \u201cBank\u201d in their names and accepting deposits"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/e8e76b10dfc9c0d576324bfdbb2c2785","name":"Saba","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a815285315cd85d8b3246c60ed8ed99825949c1b85b370c49212daa54ededa98?s=96&d=mm&r=g","caption":"Saba"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_2\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/172894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=172894"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/172894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/108551"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=172894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=172894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=172894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}