Cooperative Banking

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Cooperative Banking

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Title: Cooperative Banking

1
Cooperative Banking
2
Nature of Cooperative Bank
Cooperative banking is retail and commercial
banking organized on a cooperative basis.
Cooperative banking institutions take deposits
and lend money in most parts of the world.
Cooperative banking, as discussed here, includes
retail banking carried out by credit unions,
mutual savings banks, building societiesand cooper
atives, as well as commercial banking services
provided by mutual organizations (such
as cooperative federations) to cooperative
businesses.
3
Types of Co-operative Banks

The co-operative banks are small-sized units
which operate both in urban and non-urban
centers. They finance small borrowers in
industrial and trade sectors besides professional
and salary classes. Regulated by the Reserve Bank
of India, they are governed by the Banking
Regulations Act 1949 and banking laws
(co-operative societies) act, 1965. The
co-operative banking structure in India is
divided into following 5 categories

State Co-operative Banks
The state co-operative bank is a federation of
central co-operative bank and acts as a watchdog
of the co-operative banking structure in the
state. Its funds are obtained from share capital,
deposits, loans and overdrafts from the Reserve
Bank of India. The state co-operative banks lend
money to central co-operative banks and primary
societies and not directly to the farmers.

Central Co-operative Banks
These are the federations of primary credit
societies in a district and are of two
types-those having a membership of primary
societies only and those having a membership of
societies as well as individuals. The funds of
the bank consist of share capital, deposits,
loans and overdrafts from state co-operative
banks and joint stocks. These banks provide
finance to member societies within the limits of
the borrowing capacity of societies. They also
conduct all the business of a joint stock bank.

Urban Co-operative Banks
The term Urban Co-operative Banks (UCBs), though
not formally defined, refers to primary
co-operative banks located in urban and
semi-urban areas. These banks, till 1996, were
allowed to lend money only for non-agricultural
purposes. This distinction does not hold today.
These banks were traditionally centered on
communities, localities, work place groups. They
essentially lend to small borrowers and
businesses. Today, their scope of operations has
widened considerably.

Land Development Banks
The Land development banks are organized in 3
tiers namely state, central, and primary level
and they meet the long term credit requirements
of the farmers for developmental purposes. The
state land development banks oversee, the primary
land development banks situated in the districts
and tehsil areas in the state. They are governed
both by the state government and Reserve Bank of
India. Recently, the supervision of land
development banks has been assumed by National
Bank for Agriculture and Rural development
(NABARD). The sources of funds for these banks
are the debentures subscribed by both central and
state government. These banks do not accept
deposits from the general public

Primary Co-operative Credit Society
The primary co-operative credit society is an
association of borrowers and non-borrowers
residing in a particular locality. The funds of
the society are derived from the share capital
and deposits of members and loans from central
co-operative banks. The borrowing powers of the
members as well as of the society are fixed. The
loans are given to members for the purchase of
cattle, fodder, fertilizers, pesticides, etc.

The origins of the urban co-operative banking
movement in India can be traced to the close of
nineteenth century. Inspired by the success of
the experiments related to the co-operative
movement in Britain and the co-operative credit
movement in Germany, such societies were set up
in India. Co-operative societies are based on the
principles of cooperation, mutual help,
democratic decision making, and open membership.
Co-operatives represented a new and alternative
approach to organization as against proprietary
firms, partnership firms, and joint stock
companies which represent the dominant form of
commercial organization. They mainly rely upon
deposits from members and non-members and in case
of need, they get finance from either the
district central co-operative bank to which they
are affiliated or from the apex co-operative bank
if they work in big cities where the apex bank
has its Head Office. They provide credit to small
scale industrialists, salaried employees, and
other urban and semi-urban residents.

10
Prudential Norms applicable to Co-operative Banks
Co-operative Credit Societies

General
Non Performing Assets (NPA)
Asset Classification
Income Recognition
Diversion in Asset Classification

Non Performing Assets -
1) Interest / or Installment remain overdue for
a period of 90 days
2) Account remains out of order for a period more
than 90 days in respect of ODCC
3) Bill remains overdue for a period more than 90
days
4) In case of Direct Agriculture Advances remains
overdue for two crop seasons (for long duration
crop overdue for one crop season)
5) Any amount to be received remain overdue for a
period of more than 90 days

12
Prudential Norms applicable to Co-operative Banks
Co-operative Credit Societies

NPA
- An asset becomes non performing when it ceases
to generate income for the bank.
- 90 Days overdue norms to identification of
NPAs have been made applicable from 31.03.2004
- Tier I banks were permitted to classify loan
accounts as NPA based on 180 days delinquency
norm instead of 90 days norm. This relaxation as
in force up to 31.03.2009.
- Accordingly w. e. f 01.04.2009 all banks would
classify NPA on 90 days delinquency norm.

Identification of Assets as NPA should be done on
an on-going basis.
Charging of Interest at monthly rest.
Record of Recovery
Treatment of NPA is borrower wise not facility
wise
Agriculture Advance - Default in repayment due to
natural calamites
Housing loan to Staff
Credit facilities guaranteed by Central/State
Govt.
Project Finance
Prudential guidelines on restructuring of
advances
Other Advances

Recognition of income on investment treated as
NPA.
NPA reporting to RBI

Assets Classification
- Bank should classify their assets into
following broad groups
(i) Standard Assets
(ii) Sub-Standard Assets
(iii) Doubtful Assets
(iv) Loss Assets
Income Recognition has to be based on record of
recovery
Reversal of Income on accounts becoming NPAs
Partial recovery of NPAs

Provisioning Norms
Standard Assets

Category of Standard Assets Rate of Provisioning Rate of Provisioning
Tier II Tier I
Direct Advances to Agriculture SME Sectors 0.25 0.25
Commercial Real Estate (CRE) sector 1.00 1.00
Commercial Real Estate - Residential Housing sector (CRE-RH) 0.75 0.75
All other loans and advances not included 0.40 0.25
17

Provisioning on NPAs

Category of NPA Rate of Provisioning
Sub Standard 10
Doubtful up to 1 Year 20
Doubtful 1 to 3 Year 30
Doubtful above 3 years (w. e. f. 01.04.2010) 100
Loss Assets 100
18
Prudential norms on Capital Adequacy

Statutory Requirements
Share linking to Borrowings
Capital Adequacy Norms
Tier - I Capital
Tier - II Capital
Risk Weight for Computation of CRAR
Issue of Preference Shares
Issuance of Long Term (Subordinated) Deposits

19
Laws applicable to Cooperative Banks

The Banking Regulation Act 1949
The Reserve Bank of India Act 1934
Prevention of Money Laundering Act 2002
Other Acts Applicable

20
Banking Regulation Act 1949

Section 6 - Forms of Business in which banking
companies may engage
Now as per notification of GoI, Hire Purchase
Equipment Leasing is allowed. Also Insurance
Business may be undertaken by UCBs.
Section 8 - Prohibition of Trading
No Banking Company shall directly or indirectly
deal in buying or selling of goods except in
connection with the realization of security.

Section 9 Disposal of Non Banking Asset
No banking company shall hold any immovable
property except those required for its a own use
for any period exceeding 7 years
Section 10A Board of Directors to include
persons with professional or other experience.
Section 11 - No co-operative bank shall
commence or carry on the business of banking in
India unless the aggregate value of its paid up
capital and reserves is not less than Rupees One
Lac.

Section 14 A- No co-operative bank shall create
a floating charge on the under taking or any of
its a property. (Unless the creation of such
charge is certified in writing by RBI as not
being detrimental to the interest of depositors
of such bank.)
Section 18- Cash Reserve
Every co-operative bank shall maintain in India
by way of Cash Reserve, a sum equivalent to at
least 4 of total of its time demand
liabilities as on last Friday of Second preceding
forth night submit to RBI before 15th day of
every month a return showing the particulars.

Section 20- Restrictions on Loans Advances to
Directors. (with effect from 01.10.2003)
Exemption -
a) Employee related loan to staff director
b) Loan to directors against Fixed deposit and
LIP
Section 20A- Restriction of Power to remit Debts
Co-operative banks would have to obtain prior
approval of RBI to remit any debt due to it by
any of its past or present directors.
Section 21 - Power of RBI to control advances
(Purpose / Margin / Limit / Rate of interest)

Section 24- Every co-operative bank shall
maintain in India by way of Assets, a sum
equivalent to at least 21.50 (Not exceeding 40)
of total of its time demand liabilities as on
last Friday of Second preceding forth night
submit to RBI before 20th day of every month
showing the particulars.
Section 26- Return of Unclaimed Deposits
Every Co-operative bank within 30 days from the
close of each calendar year submit a return of
all accounts which have not been operated upon
for 10 years.
(As per amended provision, every bank has to
transfer the Unclaimed deposit of more than 10
years to RBI as Depositors Education Awareness
Fund every month)

Section 27 - Every bank is required to submit to
RBI a return showing its a Assets and
Liabilities as at last Friday of every month,
within next month.
Section 29 31 - Banks are required to prepare
their PL account and B/S before 30th Sept. of
each year. Also required to submit 3 copies along
with Statutory Audit Reports, signed by principal
officer of the bank and at least 3 directors.
Such financial statements should be published in
local news paper within a period of 9 months from
the end of the period to which they relate. (i.e.
before 31st Dec.)

Section 35- Inspection
Section 35A- Power of RBI to give directions
Section 45- Power of RBI to apply to Central
Govt. for suspension of business of co-operative
bank or to order moratorium.
Section 46 Penalties

27
The Reserve Bank of India Act 1934

22. Right to issue bank notes.
(1) The Bank shall have the sole right to issue
bank notes in India, and may, for a period
which shall be fixed by the Central Government
on the recommendation of the Central Board, issue
currency notes of the Government of India
supplied to it by the Central Government, and
the provisions of this Act applicable to bank
notes shall, unless a contrary intention appears,
apply to all currency notes of the Government of
India issued either by the Central Government
or by the Bank in like manner as if such currency
notes were bank notes, and references in this Act
to bank notes shall be construed accordingly.

(2) On and from the date on which this Chapter
comes into force the Central Government shall
not issue any currency notes.
24. Denominations of notes.
(1) Subject to the provisions of sub-section (2),
bank notes shall be of the denominational values
of two rupees, five rupees, ten rupees, twenty
rupees, fifty rupees, one hundred rupees, five
hundred rupees, one thousand rupees, five
thousand rupees and ten thousand rupees or of
such other denominational values, not exceeding
ten thousand rupees, as the Central Government
may, on the recommendation of the Central Board,
specify in this behalf.

(2) The Central Government may, on the
recommendation of the Central Board, direct the
non-issue or the discontinuance of issue of bank
notes of such denominational values as it may
specify in this behalf.
26. Legal tender character of notes.
(1) Subject to the provisions of sub-section (2),
every bank note shall be legal tender at any
place in India in payment or on account for the
amount expressed therein, and shall be guaranteed
by the Central Government.

(2) On recommendation of the Central Board the
Central Government may, by notification in the
Gazette of India, declare that, with effect from
such date as may be specified in the
notification, any series of bank notes of any
denomination shall cease to be legal tender save
at such office or agency of the Bank and to such
extent as may be specified in the notification.

42. Cash reserves of scheduled banks to be kept
with the Bank.
(1) Every bank included in the Second Schedule
shall maintain with the Bank an average daily
balance the amount of which shall not be less
than such per cent. of the total of the demand
and time liabilities in India of such bank as
shown in the return referred to in sub-section
(2), as the Bank may from time to time, having
regard to the needs of securing the monetary
stability in the country, notify in the Gazette
of India

(1A) Notwithstanding anything contained in
sub-section (1), the Bank may, by notification in
the Gazette of India, direct that every scheduled
bank shall, with effect from such date as may be
specified in the notification, maintain with the
Bank, in addition to the balance prescribed by or
under sub-section (1), an additional average
daily balance the amount of which shall not be
less than the 1rate specified in the
notification, such additional balance being
calculated with reference to the excess of the
total of the demand and time liabilities of the
bank as shown in the return referred to in
sub-section (2) over the total of its demand and
time liabilities at the close of business on the
date specified in the notification as shown by
such return so however, that the additional
balance shall, in no case, be more than such
excess

(2A) Where the last Friday of a month is not an
alternate Friday for the purpose of sub-section
(2), every scheduled bank shall send to the Bank,
a special return giving the details specified in
sub-section (2) as at the close of business on
such last Friday or where such last Friday is a
public holiday under the Negotiable Instruments
Act, 1881 as at the close of business on the
preceding working day and such return shall be
sent not later than seven days after the date to
which it relates.

(3) If the average daily balance held at the Bank
by a scheduled bank during any fortnight is
below the minimum prescribed by or under
sub-section (1) or sub-section (1A), such
Scheduled bank shall be liable to pay to the Bank
in respect of that fortnight penal interest at
a rate of three per cent, above the bank rate on
the amount by which such balance with the Bank
falls short of the prescribed minimum, and if
during the next succeeding fortnight, such
average daily balance is still below the
prescribed minimum the rates of penal interest
shall be increased to a rate of five per cent,
above the bank rate in respect of that
fortnight) and each subsequent fortnight)
during which the default continues on the amount
by which such balance at the Bank falls short of
the prescribed minimum.

(3A) When under the provisions of sub-section (3)
penal interest at the increased rate of five per
cent, above the bank rate has become payable by a
scheduled bank, 1if thereafter the average daily
balance held at the Bank during the next
succeeding fortnight is still below the
prescribed minimum.
(a) every director, manager or secretary of the
scheduled bank, who is knowingly and willfully a
party to the default, shall be punishable with
fine which may extend to five hundred rupees and
with a further fine which may extend to five
hundred rupees for each subsequent fortnight
during which the default continues, and
(b) the Bank may prohibit the scheduled bank from
receiving after the said fortnight any fresh
deposit,

and, if default is made by the scheduled bank in
complying with the prohibition referred to in
clause (b), every director and officer of the
scheduled bank who is knowingly and willfully a
party to such default or who through negligence
or otherwise contributes to such default shall in
respect of each such default be punishable with
fine which may extend to five hundred rupees and
with a further fine which may extend to five
hundred rupees for each day after the first on
which a deposit received in contravention of such
prohibition is retained by the scheduled bank.
Explanation. In this sub-section officer
includes a manager, secretary, branch manager,
and branch secretary.

(4) Any scheduled bank failing to comply with the
provisions of subsection (2) shall be liable to
pay to the Bank a penalty of one hundred rupees
for each day during which the failure continues.
(5) (a) The penalties imposed by sub-sections
(3) and (4) shall be payable within a period of
fourteen days from the date on which a notice
issued by the Bank demanding the payment of the
same is served on the scheduled bank, and in the
event of a failure of the scheduled bank to pay
the same within such period, may be levied by a
direction of the principal civil court having
jurisdiction in the area where an office of the
defaulting bank is situated, such direction to be
made only upon an application made in this behalf
to the court by the Bank

(b) when the court makes a direction under clause
(a), it shall issue a certificate specifying the
sum payable by the scheduled bank and every such
certificate shall be enforceable in the same
manner as if it were a decree made by the court
in a suit
(c) notwithstanding anything contained in this
section, if the Bank is satisfied that the
defaulting bank had sufficient cause for its
failure to comply with the provisions of
sub-sections (1), (1A) or (2), it may not demand
the payment of the penal interest or the penalty,
as the case may be.

(6) The Bank shall, save as hereinafter provided,
by notification in the Gazette of India,
(a) direct the inclusion in the Second Schedule
of any bank not already so included which carries
on the business of banking in India and which
(i) has a paid-up capital and reserves of an
aggregate value of not less than five lakhs of
rupees, and
(ii) satisfies the Bank that its affairs are not
being conducted in a manner detrimental to the
interests of its depositors, and
(iii) is a State co-operative bank or a company
as defined in section 3 of the Companies Act,
1956, or an institution notified by the Central
Government in this behalf or a corporation or a
company incorporated by or under any law in force
in any place outside India

(b) direct the exclusion from that Schedule of
any scheduled bank.
(i) the aggregate value of whose paid-up capital
and reserves becomes at any time less than five
lakhs of rupees, or
(ii) which is, in the opinion of the Bank after
making an inspection under section 35 of the
Banking Regulation Act, 1949, conducting its
affairs to the detriment of the interests of its
depositors, or
(iii) which goes into liquidation or otherwise
ceases to carry on banking business

Provided that the Bank may, on application of the
scheduled bank concerned and subject to such
conditions, if any, as it may impose, defer the
making of a direction under sub-clause (i) or
sub-clause (ii) of clause (b) for such period as
the Bank considers reasonable to give the
scheduled bank an opportunity of increasing the
aggregate value of its paid-up capital and
reserves to not less than five lakhs of rupees
or, as the case may be, of removing the defects
in the conduct of its affairs

(c) alter the description in that Schedule
whenever any scheduled bank changes its name.
Explanation. In this sub-section the expression
value means the real or exchangeable value
and not the nominal value which may be shown in
the books of the bank concerned and if any
dispute arises in computing the aggregate value
of the paid-up capital and reserves of a bank, a
determination thereof by the Bank shall be final
for the purposes of this sub-section.

(6A) In considering whether a State co-operative
bank or a regional rural bank should be included
in or excluded from the Second Schedule, it shall
be competent for the Bank to act on a certificate
from the National Bank on the question whether or
not a State co-operative bank or a regional rural
bank, as the case may be, satisfies the
requirements as to paid-up capital and reserves
or whether its affairs are not being conducted in
a manner detrimental to the interests of its
depositors.
(7) The Bank may, for such period and subject to
such conditions as may be specified, grant to any
scheduled bank such exemptions from the
provisions of this section as it thinks fit with
reference to all or any of its offices or with
reference to the whole or any part of its assets
and liabilities.

45E. Disclosure of information prohibited.
1) Any credit information contained in any
statement submitted by a banking company under
section 45C or furnished by the Bank to any
banking company under section 45D, shall be
treated as confidential and shall not, except for
the purposes of this Chapter, be published or
otherwise disclosed.
(2) Nothing in this section shall apply to
(a) the disclosure by any banking company, with
the previous permission of the Bank, of any
information furnished to the Bank under section
45C

(b) the publication by the Bank, if it considers
necessary in the public interest so to do, of any
information collected by it under section 45C, in
such consolidated form as it may think fit
without disclosing the name of any banking
company or its borrowers
(c) the disclosure or publication by the banking
company or by the Bank of any credit information
to any other banking company or in accordance
with the practice and usage customary among
bankers or as permitted or required under any
other law
Provided that any credit information received by
a banking company under this clause shall not be
published except in accordance with the practice
and usage customary among bankers or as permitted
or required under any other law.

(d) the disclosures of any credit information
under the Credit Information Companies
(Regulation) Act, 2005.
(3) Notwithstanding anything contained in any law
for the time being in force, no court, tribunal
or other authority shall compel the Bank or any
banking company to produce or to give inspection
of any statement submitted by that banking
company under section 45C or to disclose any
credit information furnished by the Bank to that
banking company under section 45D.

47
Prevention of Money Laundering Act, 2002

Section 3 - Offence of money-laundering.Whosoever
directly or indirectly
Attempts to indulge or knowingly assists or
knowingly is a party or is actually involved in
any process or activity connected proceeds of
crime including its concealment, possession,
acquisition or use and projecting or claiming it
as untainted property shall be guilty of offence
of money-laundering.

4. Punishment for money-laundering.Whoever
commits the offence of money-laundering shall be
punishable with rigorous imprisonment for a term
which shall not be less than three years but
which may extend to seven years and shall also be
liable to fine.
12. Reporting entity to maintain records.
(1) Every reporting entity
Shall(a) maintain a record of all
transactions, including information relating to
transactions covered under clause (b), in such
manner as to enable it to reconstruct individual
transactions.

(b) furnish to the Director within such time as
may be prescribed, information relating to such
transactions, whether attempted or executed, the
nature and value of which may be prescribed
(c) verify the identity of its clients in such
manner and subject to such conditions, as may be
prescribed
(d) identify the beneficial owner, if any, of
such of its clients, as may be prescribed
(e) maintain record of documents evidencing
identity of its clients and beneficial owners as
well as account files and business correspondence
relating to its clients.

(2) Every information maintained, furnished or
verified, save as otherwise provided under any
law for the time being in force, shall be kept
confidential.
(3) The records referred to in clause (a) of
sub-section (1) shall be maintained for a period
of five years from the date of transaction
between a client and the reporting entity.
(4) The records referred to in clause (e) of
sub-section (1) shall be maintained for a period
of five years after the business relationship
between a client and the reporting entity has
ended or the account has been closed, whichever
is later.
(5) The Central Government may, by notification,
exempt any reporting entity or class of reporting
entities from any obligation under this Chapter.

15. Procedure and manner of furnishing
information by reporting entities.The Central
Government may, in consultation with the Reserve
Bank of India, prescribe the procedure and the
manner of maintaining and furnishing information
by a reporting entity under sub-section (1) of
section 12 for the purpose of implementing the
provisions of this Act.
63. Punishment for false information or failure
to give information, etc.
(1) Any person willfully and maliciously giving
false information and so causing an arrest or a
search to be made under this Act shall on
conviction be liable for imprisonment for a term
which may extend to two years or with fine which
may extend to fifty thousand rupees or both

(2) If any person,
(a) being legally bound to state the truth of any
matter relating to an offence under section 3,
refuses to answer any question put to him by an
authority in the exercise of its powers under
this Act or
(b) refuses to sign any statement made by him in
the course of any proceedings under this Act,
which an authority may legally require to sign
or
(c) to whom a summon is issued under section 50
either to attend to give evidence or produce
books of account or other documents at a certain
place and time, omits to attend or produce books
of account or documents at the place or time, he
shall pay, by way of penalty, a sum which shall
not be less than five hundred rupees but which
may extend to ten thousand rupees for each such
default or failure.

53
Prevention of Money Laundering Rules

2. Definitions.(1) In these rules, unless the
context otherwise requires,
(d) officially valid document means the
passport, the driving licence, the Permanent
Account Number (PAN) Card, the Voters Identity
Card issued by Election Commission of India, job
card issued by NREGA duly signed by an officer of
the State Government, the letter issued by the
Unique Identification Authority of India
containing details of name, address and Aadhaar
number or any other document as notified by the
Central Government in consultation with the in
consultation with the Regulator

Provided that where simplified measures are
applied for verifying the identity of the clients
the following documents shall be deemed to be
officially valid documents
(a) identity card with applicants Photograph
issued by Central/State Government Departments,
Statutory/Regulatory Authorities, Public Sector
Undertakings, Scheduled Commercial Banks, and
Public Financial Institutions
(b) letter issued by a gazetted officer, with a
duly attested photograph of the person.

(fb) small account means a savings account in a
banking company where
(i) the aggregate of all credits in a financial
year does not exceed rupees one lakh,
(ii) the aggregate of all withdrawals and
transfers in a month does not exceed rupees ten
thousand, and
(iii) the balance at any point of time does not
exceed rupees fifty thousand.

(g) suspicious transaction means a transaction
referred to in clause (h), including an attempted
transaction, whether or not made in cash, which
to a person acting in good faith (a) gives rise
to a reasonable ground of suspicion that it may
involve proceeds of an offence specified in the
Schedule to the Act, regardless of the value
involved or b) appears to be made in
circumstances of unusual or unjustified
complexity or (c) appears to have no economic
rationale or bona fide purpose or(d) gives rise
to a reasonable ground of suspicion that it may
involve financing of the activities relating to
terrorism

3. Maintenance of records of transactions (nature
and value).(1) Every reporting entity shall
maintain the record of all transactions
including, the record of
(A) all cash transactions of the value of more
than ten lakh rupees or its equivalent in foreign
currency
(B) all series of cash transactions integrally
connected to each other which have been
individually valued below rupees ten lakh or its
equivalent in foreign currency where such series
of transactions have taken place within a month
and the monthly aggregate exceeds an amount of
ten lakh rupees or its equivalent in foreign
currency

1(BA) all transactions involving receipts by
non-profit organisations of value more than
rupees ten lakh, or its equivalent in foreign
currency
2(C) all cash transactions where forged or
counterfeit currency notes or bank notes have
been used as genuine or where any forgery of a
valuable security or a document has taken place
facilitating the transactions
(D) all suspicious transactions whether or not
made in cash and by way of (i) deposits and
credits, withdrawals into or from any accounts in
whatsoever name they are referred to in any
currency maintained
by way of

(a) cheques including third party cheques, pay
orders, demand drafts, cashiers cheques or any
other instrument of payment of money including
electronic receipts or credits and electronic
payments or debits, or
(b) travellers cheques, or
(c) transfer from one account within the same
banking company, financial institution and
intermediary, as the case may be, including from
or to Nostro and Vostro accounts, or
(d) any other mode in whatsoever name it is
referred to

60
Other Laws applicable to Cooperative Banks