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India : Cooperative Department Nod to Open Accounts in Federal Bank.

PACS and District Cooperative Banks may apply for nod to open accounts with Federal Bank

An order has been published by the Cooperative Department saying that the Primary Agricultural Credit Societies(PACS) and District Cooperative Banks can apply for permission to open accounts with the Federal Bank.

On September 23, 2015, the order was published stating that if the PACS have additional fund, as per rule, it should be deposited in the District Cooperative Bank.

If the District Cooperative Bank has surplus fund it should be deposited with the State Cooperative Bank. But if any of the PACS and District Cooperative Banks have any circumstances requiring them to open a current account in the Federal Bank, such banks can apply to the Cooperative Registrar for permission. But the order is silent about the circumstances for the Cooperative Banks to open accounts with the Federal Bank. It is also silent about what prompted it to choose Federal Bank alone.

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Publication:Mena Report
Geographic Code:9INDI
Date:Mar 8, 2016
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