Fund maintenance at Primary Agricultural Credit Society

[pns]

Hi All
My tier 1 was rejected due to the fund maintenance at PACS(Primary Agricultural Credit Society). The reason stated was PACS are not regulated by RBI.

Does the policy say that the bank should be governed by RBI? If yes, Are the co-operative societies regulated by RBI? FYI. This society is in my village.

Please help me.

[geriatrix]

Non banking financial institutions / societies / agencies not regulated by the Central bank of the country (RBI in your case) have no legal recognition outside that country.

So from UKBA perspective, PACS may be as good as non-existant.


regards

[geriatrix]

Reading this topic may be useful.



regards