Rule:
Further to amend the Maharashtra Co-operative Societies Act, 1960. WHEREAS it is expedient further to amend the Maharashtra Co-operative Societies Act, 1960, for the purposes hereinafter appearing; it is hereby enacted in the Seventy-fifth Year of the Republic of India, as follows :— 1. This Act may be called the Maharashtra Co-operative Societies (Second Amendment) Act, 2024. 2. After section 69 of the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as “the principal Act”), the following section shall be inserted, namely:––
“69A. (1) There shall be constituted

Regulatory framework and employee co-operative credit society in Maharashtra: - regulatory framework is necessary for any financial institution the main aim of the regulation is to safeguard the interest of a large number of shareholders and depositors and to ensure the proper functioning of the financial institution which is part and parcel of the financial system. The Employee's Co-operative Credit Society plays an important role by providing financial help to the laborers, workers, and employees.
Registration U/S-4 to 8:- Such a Society must be registered under the MSC Act. This society

Particularly, the CRR is the minimum amount of the total deposits of customers that need to be maintained by the commercial as a reserve bank either in cash or as deposits with RBI. The rate of CRR will be fixed as per the guidelines of the central bank. The amount of CRR is to be held or reserved in cash or cash equivalents with RBI. The main aim of CRR is to ensure that banks do not run out of cash to meet their depositors' payment demands. The cash reserve ratio is computed as a percentage of the net demand and time liabilities of each bank. In the case of depositors when the bank sincerel