Business which the State Co-operative Bank may transact

It shall be lawful for the State Co-operative Bank to carry on all or any of the following business viz. :- (1) to do banking business as defined in Clause (b) of section 5 and section 6(i) read with section 55 of the Banking Regulation Act, 1949 or any other law for the time being in force and in general to carry on and discharge such functions and business as are usually undertaken by bank or bankers; (2) to serve as an apex bank for the co-operative societies and to provide all types of financial accommodation, including short, medium and long-term loans for all kinds of economic activities, including agriculture and allied activities, industry, trade and commerce, to co-operative societies as well as to other persons including firms, companies or other corporate bodies; (3) to act as an agent of the Reserve Bank, in the matter of operating currency chests on such terms and conditions as may be mutually agreed upon; and (4) to open branches, pay offices or regional offices in any part of the State of Sikkim or outside Sikkim with the previous sanction of the Registrar.