#cooperative banks

Primary credit cooperative societies can claim tax deductions under Section 80P(2)(d) for interest earned on deposits with other cooperative banks, affirming that such income qualifies as business income derived from cooperative activities. This ruling reinforces the scope of cooperative-specific tax benefits and provides clarity for thousands of rural financial institutions across India.

Himachal Pradesh High Court rules that RBI’s 2013 Master Circular on loan restructuring due to natural calamities is legally binding on cooperative banks, mandating relief even if initially denied. The judgment reinforces RBI’s regulatory authority over cooperative banks and ensures borrowers affected by disasters receive statutory protection against NPA classification.

Bombay High Court holds that cooperative banks are not public authorities under RTI Act, clarifying scope of disclosure obligations and limiting access to internal governance records.