Special audit of State Co-operative Bank or Central Co-operative Bank

(1) The Registrar shall arrange to conduct the special audit of State Co-operative Bank or Central Co-operative Banks, on the request of Reserve Bank on such specific terms of references as agreed to by the Registrar and also arrange to furnish the report to Reserve Bank within the time stipulated by the Reserve Bank of India. (2) The Registrar may also on its own motion or on the request of the Managing Committee of State Co-operative Bank or Central Co-operative Bank arrange to conduct the special audit of such bank.