The Objects of the Bank
1) To finance Co-operative Societies in the Ahmednagar District,
affiliated to the Bank and generally to carry on banking business.
2) To participate in the share capital of primary credit and
multipurpose or other co-operative societies registered under the Bombay
Co-operative Societies Act. 1925 and /or the Maharashtra Co-operative
Societies Act 1960 with the approval of Registrar, Co-operative
3) To arrange for supervision and inspection of Borrowing co-operative
societies and to asses their credit.
4) To act as a balancing center for the surplus funds of the societies.
5) To assume responsibility for organizing the provision of agriculture
credit in all parts of the area served by the Bank
6) To advance loans to agriculturists admitted as ordinary or nominal
members upon personal security of movable or immovable property
including crops or product for raising of crops and / or marketing of
7) To advance loans to ordinary or nominal members and to co-operative
societies or their members upon pledge of Government or Trustee
Securities of Fixed Deposited Receipts, Cash Certificates of this Bank
or agricultural and Industrial produce, agricultural implements
belonging to agriculture and/ or fertilizers pledged or
consigned to the Bank ot the Warehouse receipts issued by the
Maharastra State Warehousing Corporation or by Central Warehousing
Corporation or Warehouse receipts issued by the authoresses
privately owned Warehouses subject to such rules as may framed by Board
of Directors from time to time and approved by the Registrar and / or
Reserve bank of India.
8)To finance the individual shareholders and nominal members of the
Bank, to grant them overdraft limits, to sanction them discounting
facilities and generally to carry on banking business as per directives
of the Registrars and Reserve Bank of India from time to time.
9) To undertake liquidation work of affiliated societies indebted to
Bank on conditions lad down by the Registrar with a view to facilitate
recoveries from the affiliated societies, and to assume management of
any affiliated society, the committee of which, is superceded under the
co-Operative Societies Act and Rules.
10) To undertake any other business approved by the Registrants by
general or special orders which would bring about better business and
better methods of production amongst its members and along with them
11) To purchase , sell , transfer, endorse or pledge Government
Promissory Notes, Bonds , Securities , Municipal and Port Trust Bonds,
Debentures for legitimate investments of the surplus funds of the Bank,
or for its share holders or depositors without incurring any financial
responsibilities incidental to such business.
12) To draw, make, accept, discount, buy sell, collect, endorse, and
deal in Bills of Exchange, Hundies, Pronotes, Coupons, Drafts, Bills of
Lading, Railway Receipts, Warrants, Debentures, Certificates, Scripts,
and other instruments and securities, whether transferable or negotiable
13) To establishment or to support or to aid in the establishment
and support of funds, colleted for the benefits of the employee,
provided rules regarding the contribution payable both by the Bank and
its members and first approved by Registrar.
14) To open branches at suitable places for carrying out objects of the
15) To receive money on current, saving, fixed or other accounts and to
raise funds for all or any of these purposes and generally to do
all such acts as may be found necessary or suitable to fulfill the
16) To maintain a library of Co-operative Literature.
17) To do such other work as will be conductive or incidental or
the above objects and generally to encourage and promote organization
and development of co-operative societies within District.
18) To guarantee on behalf of Co-operative Societies registered under
the said Act or any such Act in operation in the Indian Union, Letters
of credit for import of machinery, implements, fertilizers and / or
other requisites for import of which licenses are granted by the
Government or to guarantee payments of money for purchase of machinery,
implements, fertilizers and other requisites required by the
19) To organize publication of periodicals to propagate the cause of the
co-operative movement in this District, in general and that of the Bank
in particular, with the previous permission of the joint Registrar and
subject to such terms and conditions as may be laid down while granting
Rules governing the conduct of this activity should be framed and the
maximum limit upto which expenditure for this purpose should be incurred
may also be fixed by the Board with the approval of Joint Registrar.
20) To advance loans to members of the staff for purchase of motor car,
motor cycles, cycles upto the amount not exceeding the price of the
articles payable in such installments and subject to such rules and
regulations as the Board of Directors may approve in this behalf.
21) To act as Bankers to the Zilla Parishad, Ahmednagar and provide
financial accomodation to it on such security or without security, upto
such limit and subject to such terms and conditions, as may be approved
by the Registrar, Co-operative Societies, Maharashtra state, Poona.
22) To advance loans to members of the staff of the Bank for
construction of dwelling house in Ahmednagar District only on such
security, upto such limit, subject to such terms and conditions and
under such rules, as may be framed by the Board of Directors from time
to time and approved by the Registrar, Co-operative Societies,
Maharashtra State, Poona.
23) To finance directly to individual artisans, craftsman and small
entrepreneurs / units, proprietary concerns or partnership firm or
companies or other corporate bodies for small, tiny, cottage industries
etc. approved by the NABARD from time to time purpose and on such terms
and conditions prescribed by it.
24) To guarantee payment of money on behalf of customers upon proper or
adequate security and issue solvency certificate for the credit- worthy
depositors / customers.
25) To undertake collection of energy bills of Maharashtra State
Electricity Board subject to such terms and conditions as may be agreed
amongst this Bank, Maharashtra state Co-operative Bank and Maharashtra
State Electricity Board.
26) To let the Safe Deposit Lockers to the customers on such terms,
conditions and rules as may be framed by the Board of Directors.
27) To make or participate in consortium arrangements with the
Maharashtra state Co-operative Bank / other District Central
Co-operative Banks in the State / other financial institutions.
28) To finance self help groups directly or through Primary agricultural