Legal Question in Civil Litigation in India
can a private society give loan to person, or it must be registered with Reserve Bank of India and also clear is there is any money lending Act applicable to Haryana?
1 Answer from Attorneys
Dear Sir,
Any Registered co-operative societies accord to the such co-operative societies act as in the object mentioned in their memorandum can give loan, and any private firms, societies can also give loan even though if they have not registered or comes under Reserve Bank of India purview, but with the acceptable rate of interest guidlines, procedure in respect to such financial institution lending has to be followed.
Kind Regard Sanjay K Dixit,Advocate
Davangere - 577 002
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