Power of Committee of co-operative credit structure

Notwithstanding anything contained in this Act or the rules or bye-laws made thereunder, the committee of every society in a co-operative credit structure shall have freedom to decide its financial and internal administrative matters, especially:- (i) interest rates on deposits and loans, subject to the directives issued by the Reserve Bank of India; (ii) borrowing, investment, depositing its surplus funds, loaning policies (including individual loans) and other business policies; (iii) personnel policies including issues relating to recruitment, promotion, staffing, training, posting and compensation to staff as per business requirement of the society; (iv) internal checks and control systems, appointment of auditors, their compensation and other internal administrative issues; and (v) borrowing from any financial institution regulated by the Reserve Bank of India, keeping in mind the interest of the society and its members.