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Reserve Bank of India has decided that the normal donations to be made during a year by urban co-operative banks, may, in aggregate, be restricted to a ceiling of 1% of the published profits of the bank for the previous year. Such normal donations, together with those that may be made to National Funds and other funds recognized/sponsored by the Central / State Government, during a year, may not exceed 2% of the published profits of the bank for the previous year.
The above restriction shall be applicable to all primary (urban) co-operative banks notwithstanding funds, if any, available in the charity fund or any similar reserve created under the provision of any other legislation.
Some of the State Co-operative Societies Acts and the Multi-State Co-operative Societies Act permit co-operative societies registered there under to set apart a certain portion of their net profits as charity fund and give donation out of such fund for development of co-operative movement, charitable or any other public purpose.
More on Cooperative banks
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