Office Memorandum No. 3334/2019/FD of the Finance Department, Government of Maharashtra dated 21st April, 2019 on the business of a co-operative bank [C17-H2Y]

No. 3334/2019/FD

GOVERNMENT OF MAHARASHTRA

Finance Department, Government of Maharashtra

Mumbai, dated the 21st April, 2019

OFFICE MEMORANDUM

Subject: The business of a co-operative bank by co-operative banks under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000, regarding.

1. The undersigned is directed to say that references have been received in the Finance Department, Government of Maharashtra on the manner in which the business of a co-operative bank by co-operative banks is to be regulated under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000.

2. The matter has been examined. Every co-operative bank carrying on the business of a co-operative bank shall make an application in Form A to the Deposit Insurance Corporation within thirty days, accompanied by a fee of fifty thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of a co-operative bank is undertaken, and the Deposit Insurance Corporation shall dispose of it within thirty days of its receipt.

4. Difficulties, if any, in the implementation of this office memorandum may be brought to the notice of the Finance Department, Government of Maharashtra.

(Secretary to Government)