Banking Regulation Act, 1949 · Chapter I: Preliminary
Section 3: Act not to apply to certain co-operative societies
Notwithstanding anything contained in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981), this Act shall not apply to—
(a) a primary agricultural credit society; or
(b) a co-operative society whose primary object and principal business is providing of longterm finance for agricultural development,
if such society does not use as part of its name, or in connection with its business, the words "bank", "banker" or "banking" and does not act as drawee of cheques.]
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 3
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Kscardb v. The Assessing Officer, Trivandrum
Whether the a ppellant-assessee, a co-operative society, is entitled to claim deduction of the whole of its profits and gains of business attributable to the business of banking or providing credit facilities to its…
- The Mavilayi Service Cooperative Bank Ltd. & Ors. v. Commissioner of Income Tax, Calicut & Anr.