Ref. Circular dated 1st June, 2023 issued by Divisional Joint Registrar Co-operative societies.
According to the circular dated 1st June, 2023 issued by Divisional Joint Registrar Co-operative societies, it has been stated that Co-operative societies should invest their funds in a District Central Co-operative Bank, the State Co-operative Bank, having received "A" audit grade for the last 3 consecutive years, if no such Central Co-operative Bank is available in district, then to invest in any Nationalised Bank.
The Mumbai State Central Co-operative Bank has 50 functioning branches & 3 extended branches in Mumbai city as well as in suburban areas. It works on CBS computer system also this bank has received "A" audit grade for the last 3 consecutive years.
Investing in these banks as per section 70 & section 154B-17 of Maharashtra Co-operative Societies Act, would strengthen the cooperative sector and district co-operative banks which may result to achieve progress in cooperative sector.
As per circular it has been directed to District Deputy Registrar, Deputy Registrar, and Assistant Registrar to invest the funds of cooperative societies under section 70 & section 154B-17 of Maharashtra Co-operative Societies Act, in Mumbai State Central Co-operative Bank
According to Maharashtra state bye-laws, “A Banking Account shall be opened by the Society in the nearest State or District Central Co-op Bank / a Scheduled Bank having awarded “ A “ Audit Class in last three consecutive years, nationalized Bank, and in any other mode permitted by general or special order of the State Government, as provided under section 70 of the MCS Act and the account shall be operated upon and all acquaintances and discharges shall be signed by the Secretary jointly with the Chairman or Treasurer.”
We would like to reproduce section 154B-17 of Maharashtra Co-operative Societies Amendment Act 2019 for your ready reference.
154B-17. A society shall invest or deposit its funds in one or more of the following :—
(a) in a District Central Co-operative Bank, the State Co-operative Bank, having awarded at least “A” Audit Class in last three consecutive years, if no such Central Co-operative Bank is available in district, then any Nationalised Bank ;
(b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 ;
(c) in the shares, or security bonds, or debentures, issued by any other society with limited liability ;
(d) in any other mode permitted by the rules, or by general or special order issued in that behalf by the State Government.
Considering the aforementioned circular issued by Divisional Joint Registrar Co-operative societies and the instructions in said circular dated 1st June, 2023, we hereby appeal to all the Co-operative Societies to invest its funds in the Mumbai District Central Co-operative Bank.
Ref. Circular dated 1st June, 2023 issued by Divisional Joint Registrar Co-operative societies.
According to the circular dated 1st June, 2023 issued by Divisional Joint Registrar Co-operative societies, it has been stated that Co-operative societies should invest their funds in a District Central Co-operative Bank, the State Co-operative Bank, having received "A" audit grade for the last 3 consecutive years, if no such Central Co-operative Bank is available in district, then to invest in any Nationalised Bank.
The Mumbai State Central Co-operative Bank has 50 functioning branches & 3 extended branches in Mumbai city as well as in suburban areas. It works on CBS computer system also this bank has received "A" audit grade for the last 3 consecutive years.
Investing in these banks as per section 70 & section 154B-17 of Maharashtra Co-operative Societies Act, would strengthen the cooperative sector and district co-operative banks which may result to achieve progress in cooperative sector.
As per circular it has been directed to District Deputy Registrar, Deputy Registrar, and Assistant Registrar to invest the funds of cooperative societies under section 70 & section 154B-17 of Maharashtra Co-operative Societies Act, in Mumbai State Central Co-operative Bank
According to Maharashtra state bye-laws, “A Banking Account shall be opened by the Society in the nearest State or District Central Co-op Bank / a Scheduled Bank having awarded “ A “ Audit Class in last three consecutive years, nationalized Bank, and in any other mode permitted by general or special order of the State Government, as provided under section 70 of the MCS Act and the account shall be operated upon and all acquaintances and discharges shall be signed by the Secretary jointly with the Chairman or Treasurer.”
We would like to reproduce section 154B-17 of Maharashtra Co-operative Societies Amendment Act 2019 for your ready reference.
154B-17. A society shall invest or deposit its funds in one or more of the following :—
(a) in a District Central Co-operative Bank, the State Co-operative Bank, having awarded at least “A” Audit Class in last three consecutive years, if no such Central Co-operative Bank is available in district, then any Nationalised Bank ;
(b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 ;
(c) in the shares, or security bonds, or debentures, issued by any other society with limited liability ;
(d) in any other mode permitted by the rules, or by general or special order issued in that behalf by the State Government.
Considering the aforementioned circular issued by Divisional Joint Registrar Co-operative societies and the instructions in said circular dated 1st June, 2023, we hereby appeal to all the Co-operative Societies to invest its funds in the Mumbai District Central Co-operative Bank.
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