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Co-op banks request name change, approach RBI's Dept of Supervision
The Business Guardian
|November 02, 2023
Cooperative banks that want to rename themselves are instructed by the Reserve Bank of India (RBI) to apply for a no objection certificate (NOC) from the Department of Supervision (DoS) of the relevant Regional Office, providing a detailed justification for the change.
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When filing such petitions to RBI, the General Body of the bank must give its consent. Referring to the notification of the Banking Regulation (Amendment) Act of 2020, RBI emphasised that in terms of Section 49B, the Central Registrar of Cooperative Societies (CRCS)/ Registrar of Cooperative Societies (RCS) cannot signify its approval to the change of name of any cooperative bank unless the Rese
This story is from the November 02, 2023 edition of The Business Guardian.
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