(3)If any dispute arises in computing the aggregate value of the paid-up capital and reserves of any co-operative bank, a determination thereof by the Reserve Bank shall be final for the purposes of this section.";(i)sections 12, 12-A, 13 and 15 to 17 shall be omitted;[(j) for section 18, the following section shall be substituted, namely:-"18. Cash reserve.-(1) Every co-operative bank, not being a [a co-operative bank] for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934) [(hereinafter referred to as a "scheduled co-operative bank")] [Substituted for the words "(hereinafter referred to as a "scheduled State co-operative bank")" by Act No. 4 OF 2013], shall maintain in India by way of cash reserve with itself or by way of balance in a current account with the Reserve Bank or the State co-operative bank of the State concerned or by way of net balance in current accounts, or, in the case of a primary co-operative bank, with the central co-operative bank of the district concerned, or in one or more of the aforesaid ways, a sum equivalent to [such per cent.] [Substituted for the words "at least three per cent." by Act No. 4 OF 2013] of the total of its demand and time liabilities in India, as on the last Friday of the second preceding fortnight [as the Reserve Bank may specifY, by notification in the Official Gazette, from time to time having regard to the needs for securing the monetary stability in the country] [Inserted by Act No. 4 OF 2013] and shall submit to the Reserve Bank before the fifteenth day of every month a return showing the amount so held on alternate Fridays during a month with particulars of its demand and time liabilities in India on such Fridays or if any such Friday is a public holiday under the Negotiable Instruments Act, 1881 (26 of 1881), at the close of business on the preceding working day.Explanation. - In this section and in section 24-(a)"liabilities in India" shall not include-(i)the paid-up capital or the reserves or any credit balance in the profit and loss account of the co-operative bank;(ii)any advance taken from a State Government, the Reserve Bank, [***] [Wrods "the Development Bank" ommtted by Act No. 4 OF 2013] the Exim Bank, [the Reconstruction Bank,] [Inserted by Act 62 of 1984, Section 71 and Sch. III (w.e.f. 20.3.1985).] [the National Housing Bank,] [Inserted by Act 53 of 1987, Section 56 and Sch. II (w.e.f. 9.7.1988).] the National Bank, [the Small Industries Bank] [Inserted by Act 39 of 1989, Section 53 and Sch. II (w.e.f. 7.3.1990).] or from the National Co-operative Development Corporation established under section 3 of the National Co-operative Development Corporation Act, 1962 (26 of 1962) by the co-operative bank;(iii)in the case of a State or central co-operative bank, also any deposit of money with it representing the reserve fund or any part thereof maintained with it by any other co-operative society within its area of operation, and in the case of a central co-operative bank, also an advance taken by it from the [Co-operative Bank] [Substituted for the words "State co-operative bank" by Act No. 4 OF 2013] of the State concerned;(iv)in the case of a primary co-operative bank, also any advance taken by it from the [Co-operative Bank] [Substituted for the words "State co-operative bank" by Act No. 4 OF 2013] of the State concerned or the Central co-operative bank of the district concerned;(v)in the case of any co-operative bank, which has granted an advance against any balance maintained with it, such balance to the extent of the amount outstanding in respect of such advance; and(vi)in the case of any co-operative bank, the amount of any advance or other credit arrangement drawn and availed of against approved securities;(b)"fortnight" shall mean the period from Saturday to the second following Friday, both days inclusive;(c)"net balance in current accounts" shall, in relation to a co-operative bank, mean the excess, if any, of the aggregate of the credit balances in current account maintained by that co-operative bank with the State Bank of India or a subsidiary bank or [a corresponding new bank or IDBI Bank Ltd.] [Substituted for the words "a corresponding new bank" by Act No. 4 OF 2013], over the aggregate of the credit balances in current accounts held by the said banks with such co-operative bank;(d)for the purpose of computation of liabilities, the aggregate of the liabilities of a co-operative bank to the State Bank of India, a subsidiary bank, a corresponding new bank, a Regional Rural Bank, a banking company or any other financial institution notified by the Central Government in this behalf shall be reduced by the aggregate of the liabilities of all such banks and institutions to the co-operative bank;(e)any cash with a co-operative bank or any balance held by a co-operative bank with another bank, shall not, to the extent such cash or such balances represents the balance in, or investment of, Agricultural Credit Stabilisation Fund of such co-operative bank, be deemed to be cash maintained in India.
