Definition as per Reserve Bank of India Act, 1934

Scheduled Bank” means a bank included in the Second Schedule;

Banking Regulation Act 1949

“Co-operative bank” means a state co-operative bank, a central co-operative bank and a primary co-operative bank;

Co-operative Credit Society” means a co-operative society, the primary object of which is to provide financial accommodation to its members and includes a co-operative land mortgage bank

Co-operative Society” means a society registered or deemed to have been registered under any Central Act for the time being in force relating to the multi-State co-operative societies, or any other Central or State law relating to co-operative societies for the time being in force;]

“Multi-State Co-operative Bank” means a multi-State co-operative society which is a primary co-operative bank;]

Multi-State Co-operative Society” means a multi-State co-operative society registered as such under any Central Act for the time being in force relating to the multi-State co-operative societies but does not include a national co-operative society and a federal co-operative;]

Primary Agricultural Credit Society (PACS)” means a co-operative society,–

  1. the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and
  2. the bye-laws of which do not permit admission of any other co-operative society as member:

Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose;

Primary Co-operative Bank” means a co-operative society, other than a primary agricultural credit society,–

  1. the primary object or principal business of which is the transaction of banking business;
  2. the paid-up share capital and reserves of which are not less than one lakh of rupees; and
  3. the bye-laws of which do not permit admission of any other co-operative society as a member:

Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose;

“Primary Credit Society” means a co-operative society, other than a primary agricultural credit society,–

  1. the primary object or principal business of which is the transaction of banking business;
  2. the paid-up share capital and reserves of which are less than one lakh of rupees; and
  3. the bye-laws of which do not permit admission of any other co-operative society as a member:

Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose.

The National Bank for Agriculture and Rural Development Act, 1981 (NABARD)

central co-operative bank” means the principal co-operative society in a district in a State, the primary object of which is the financing of other co-operative societies in that district:

Provided that in addition to such principal society in a district, or where there is no such principal society in a district, the State Government may declare any one or more cooperative societies carrying on the business of financing other co-operative societies in that district to be also or to be a central co-operative bank or central co-operative banks within the meaning of this definition;

National Bank” means the National Bank for Agriculture and Rural Development established under section 3;

Primary Rural Credit Society” means a co-operative society by whatever name called,-

  1. which has as its object or business the provision of financial accommodation to its members for agriculture or agricultural operations or for the marketing of crops, or for rural development; and
  2. the bye-laws of which do not permit admission of any other co-operative society as member;

Provided that this sub-clause shall not apply to the admission, as a member of a co-operative society, which is a State co-operative bank or a central co-operative bank by reason of such bank subscribing to the share capital of the co-operative society out of funds provided by the State Government for the purpose;

Regional Rural Bank” means a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976;

State Co-operative Bank” means the principal co-operative society in a State, the primary object of which is the financing of other co-operative societies in the State:

Provided that in addition to such principal society in a State, or where there is no such principal society in a State, the State Government may declare any one or more co-operative societies carrying on business in that State to be also or to be a State cooperative bank or State co-operative banks within the meaning of this definition;

State Land Development Bank” means the co-operative society which is the principal land development bank (by whatever name called) in a State and which has as its primary object the providing of long-term finance for agricultural development :

Provided that, in addition to such principal land development bank in a State, or where there is no such bank in a State, the State Government may declare any co-operative society carrying on business in that State and authorised by the bye-laws of such cooperative society to provide long-term finance for agricultural development to be also or to be a State land development bank within the meaning of this definition;

Insurance Act, 1938 and Amendments

Insurance Co-operative Society” means any insurer being a co-operative society

  • a. which is registered on or after the commencement of the Insurance (Amendment) Act, 2002 , as a co- operative society under the Co- operative Societies Act, 1912 (2 of 1912 ) or under any other law societies or under the Multi- State Co- operative Societies Act, 1984 (51 pf 1984 ); for the time being in force in any State relating to co- operative
  • (b) having a minimum paid- up capital (excluding the deposits required to be made under section 7) of rupees one hundred crores;
  • (c) in which no body corporate, whether incorporated or not, formed or registered outside India, either by itself or through its subsidiaries or nominees, at any time, holds more than twenty- six per cent. of the capital of such co- operative society;
  • (d) whose sole purpose is to carry on life insurance business or general insurance business in India

Income Tax Act 1961

 “Co-operative Society” means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ;

Others

Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas.

Reference

  1. Banking Regulation Act, 1949
  2. Reserve Bank of India Act 1934
  3. The National Bank for Agriculture and Rural Development Act, 1981 (NABARD)
  4. Regional Rural Banks Act, 1976
  5. The Insurance Act, 1938
  6. Income Tax Act, 1961
  7. Brief History of Urban Cooperative Banks in India

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