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PART II - ACCEPTANCE OF PUBLIC DEPOSITS

Restrictions on acceptance of public deposits by mutual benefit financial companies

3. (1) 1[deleted]

2[(2) The provisions contained in these directions shall not apply to a Mutual Benefit Financial Company or a Mutual Benefit Company;

Provided that the application of Mutual Benefit Company is not rejected by Government of India under the provisions of the Companies Act, 1956 (Act 1 of 1956).]

 

1. Deleted, vide Notification No.197 dated November 22, 2007

2. Substituted, vide Notification No.197 dated November 22, 2007