27. Powers of divineguma community based banks

Every divineguma community based bank shall have the power :–

to open, maintain and close membership accounts, accept deposits and issue bank pass books to divineguma beneficiaries and to members of such banks;

to provide credit facilities with or without securities, recover loans, manage and operate the same;

accept funds of divineguma community based organizations and manage the same;

to maintain accounts of such subsidies and such moneys as may be provided by the Government ;

to invest funds of the divineguma community based banks in divineguma banking societies; and

to possess and hold, any property movable or immovable, which may become vested in it by virtue of any purchase, grant, gift, testamentary disposition or otherwise.