Unregistered Bank : 16th jun09 ~ E-Pao! Headlines

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Unregistered Bank
Source: Hueiyen News Service

Imphal, June 15 2009: Acknowledging the advertisement of an organization under the name and style of "City Cooperative Bank Limited", Imphal, Keishampat Churachandpur Parking for recruitment of 35 staffs in the local newspaper the 'The Sangai Express', the Registrar of Cooperative Societies, Manipur (CSM), Thaithuilung Pamei stated that the said bank is neither registered cooperative bank nor applied for registration to the office of the Registrar of (CSM).

The clearification has be made to avoid any complicacy in such cases that the word "Cooperative" should not be used without the sanction of the state government under Section 145 (1) of Manipur Cooperative Societies Act, 1975.The work "Bank", "Banker", "Banking" or "Banking Company" shall not be used unless it is a banking company which transacts the business of Banking in India under Section 7 (1) (2) of the Banking Regulation Act 1949 and if the organization is a "Bank", they should invariably obtain a license from Reserve Bank of India (RBI) before commencing its banking business under Section 22 of the Banking Regulation Act 1949 .

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