(4) The government has barredcooperative banks from acceptingdeposits under thePradhan Mantri Garib KalyanYojana (PMGKY) scheme 2016.According to the RBI notificationof 16 December 2016, depositscan be received by anybanking company, other thanCo-operative Banks, to whichthe Banking Regulation Act,1949 (10 of 1949) applies.