The Reserve Bank of India (RBI) October 30, 2023, issued a circular regarding the Banking Regulation (Amendment) Act 2020 - Change in Name of Co-operative Banks.
The following has been stated: -
•The Banking Regulation (Amendment) Act, Sections 49B and 49C of Banking Regulation Act, 1949 (‘BR Act’) are applicable to Cooperative Banks.
•In terms of Section 49B, the Central Registrar of Cooperative Societies (CRCS)/Registrar of Cooperative Societies (RCS) shall not signify its approval to the change of name of any co-operative bank unless the Reserve Bank certifies in writing that it has no objection to such change. Further, in terms of Section 49C, no application for the confirmation of the alteration of the bylaws of a co-operative bank shall be maintainable unless the Reserve Bank certifies that there is no objection to such alteration.
•It has been decided to issue guidelines with regard to the procedure to be followed for any change in name by a Co-operative Bank as enclosed in Annex -1 which is given in the document attached below.
These guidelines will come into effect from October 30, 2023.
The detailed circular is given in the document attached below.
[Circular No. RBI/2023-24/79 DoR.REG/LIC.No.55/07.01.000/2023-24]
