Section 144-9A : Society to maintain cash reserve
The non-agricultural co-operative credit society shall maintain by way of cash reserve with itself or by way of average balance in current account, saving account or short term deposit not exceeding fifteen days, in a bank or banks a sum equivalent to such percentage which shall not be more than five per cent., of the total of its deposits, as the Regulatory Board may specify, from time to time and shall submit the return thereof to the Registrar, on or before fifteenth day of the end of each quarter, showing the total and for each branch, the amount so held :
Provided that, an over draft drawn on the statutory liquidity maintained in excess of the limit specified in section 144-10A may be treated as cash reserve for the purpose of this section.
Explanation.— For the purpose of this section, the term “bank” means a bank as stated in section 70
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