Autonomy in all financial and internal administrative matters.

1[32A. Autonomy in all financial and internal administrative matters.––Subject to the provisions of this Act, rules or bye-laws made thereunder or 2[any other law for the time being in force and subject to overall supervision and control of the Government], a Co-operative Credit Structure Society shall have autonomy in all financial and internal administrative matters including the following areas :––

1. (a) interest rates on deposits and loans; provided that in case of the State Co-operative Bank and a Central Co-operative Bank, the interest rates shall be in conformity with the guidelines issued by the Reserve Bank ;
2. (b) borrowing and investments ;
3. (c) loan policies and individual loan decisions ;
4. (d) personnel policy, staffing, recruitment, posting and compensation to staff ;
5. (e) internal control systems, appointment of auditors and compensation for the audit].