: RBI cautions cooperative societies against use of word ‘bank’ in their names #finance #StockMarketNEWS #Business IANS Mumbai The Reserve Bank of India (RBI) has cautioned cooperative societies

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RBI cautions cooperative societies against use of word ‘bank’ in their names #finance #StockMarketNEWS #Business
IANS



Mumbai



The Reserve Bank of India (RBI) has cautioned cooperative societies against the use of the word ‘Bank’ in their names as it is not only in violation of the provisions of Banking Regulation Act but also misleads the general public about the nature of operations of cooperatives.



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