In a written reply to a query raised by one of the Rajya Sabha members related to considering to approve banking license to Repco Bank from to operate as a bank, Union Minister of State for Home Affairs Ajay Kumar Mishra said that the matter for approval of banking license to REPCO Bank was taken up with Reserve Bank of India (RBI). However, the same has not been accepted by them.
“REPCO Bank was permitted to use the word ‘bank’ by the Reserve Bank of India on the recommendation of Central Government vide Gazette Notification S.O. 626 dated 19.01.1972”, his reply reads.
It further added, “However, the order dated 15.4.2021 Central Registrar of Cooperative Societies directed the Bank not to use the word ‘bank’. However, the matter is subjudice in the Hon’ble High Court of Madras”.