Credit cooperative society notwithstanding anything to the contrary contained elsewhere the Central Registrar shall make an order for the winding up operative bank, if so required by the Reserve Bank in the circumspect mentioned in of the Deposit Insurance and Credit Guars Corporation Act, 1961 . Provisions of the 2002 Act are word to word sere identical of the multi state cooperative society Act, 1984 Act. The Central Registrar has been empowered under to order of winding up of a co-operative bank if so required by the Reserve in the circumstances mentioned in Section of the Deposit Insurance Credit Guarantee Corporation Act, 1961. The said the circumstances in which Reserve Bank may require winding up operative bank. Cooperative bank cannot be wound up without previous sanction in of the Reserve Bank of India. Ere the Reserve Bank of India, in circumstances mentioned in Section the Deposit Insurance and Credit Guarantee Corporation Act, 1961 a cooperative bank to be wound up, the Central Registrar, on receipt question should make an order for the winding up of the cooperative. When co-operative societies engage in banking business, in addition to the regulatory laws applicable to cooperative societies, the central laws governing banking are attracted. Thus, the Banking Regulation Act, 1949 has been made applicable to co-operative banks, but as provided The statutory inspection as on June 30, 2004 revealed that the bank was not complying with the provisions of section 11(1) and 22(3)(a) of the Act as its net-worth had further eroded to (-) 3411.99 lakh and deposit erosion reached an alarming level of 74.7%. The bank had violated section (3) of the Act by admitting some cooperative societies as its members a show cause notice (SCN) was issued to the bank on January 19, 2005 to show cause as to why the banking license granted to it under section 22 of the Act should not be cancelled. The bank however requested some time for improvement in the financial condition which was allowed. Notwithstanding anything to the contrary contained elsewhere in this Act, the Central Registrar and Registrar of Societies shall make an order for the winding up of a cooperative bank, if so required by the Reserve Bank in the circumstances mentioned in section of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.