Section 3
Act not to apply to certain co-operative societies.
The Banking Regulation Act, 1949
About this Act
An Act to consolidate and amend the law relating to banking.
1[3. Act not to apply to certain co-operative societies.--Notwithstanding anything contained in
the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981), this Act shall not
apply to--
(a) a primary agricultural credit society; or
(b) a co-operative society whose primary object and principal business is providing of longterm finance for agricultural development,
if such society does not use as part of its name, or in connection with its business, the words "bank", "banker" or "banking" and does not act as drawee of cheques.]
(a) a primary agricultural credit society; or
(b) a co-operative society whose primary object and principal business is providing of longterm finance for agricultural development,
if such society does not use as part of its name, or in connection with its business, the words "bank", "banker" or "banking" and does not act as drawee of cheques.]
Notes
1. Subs. by Act 39 of 2020, s. 2, for section 3 (w.e.f. 26-6-2020).