Q.No co-operative society can carry on banking business without a licence from:

The power to allow or forbid banking belongs to the country's banking regulator, not to the co-operative department.

The Registrar registers the society, but only the RBI grants (and can cancel) the licence to do banking.

Doing banking business — accepting deposits withdrawable by cheque and lending — is a regulated activity in India. Under the Banking Regulation Act, 1949 (as applicable to co-operative societies), no co-operative society may carry on banking without a licence from the Reserve Bank of India.

Option-by-option analysis:

• (a) The Registrar of Co-operative Societies — Wrong. The Registrar registers the society and controls its co-operative affairs, but does not grant a banking licence.
• (b) The State Co-operative Bank — Wrong. It is an apex lending institution in the rural structure, not a licensing authority.
• (c) The Reserve Bank of India — Correct. The RBI grants the banking licence, and may also cancel it if the bank fails to meet the required standards.
• (d) NABARD — Wrong. NABARD refinances and supervises certain rural credit institutions but does not license banks.

Do not confuse registration (done by the Registrar) with licensing to do banking (done by the RBI). A society is registered first and then must obtain an RBI licence before it can work as a bank.