The All India Mutual Arrangement Scheme (AIMAS) was inaugurated by Shri T. T. Krishnamachari, Hon’ble Union Finance Minister on August 21, 1965 (Saturday) with an intention to facilitate the participant banks to undertake the following banking business :
Since the Scheme has been sponsored by the Federation, it supervises the operations under the Scheme and makes modifications/alterations in the mode of working of the Scheme and in rules and regulations governing the operations of the Scheme and in the rules and regulations governing the operations of the scheme as and when required, for the smooth functioning of the Scheme. The Federation arranges Specimen Signatures of the authorized Officials of the participant banks and circulates them among all other participant banks of the Scheme. The Federation also arranges to get the MICR demand drafts printed in the format as prescribed by the RBI, Non MICR DDs and supplies them to the member participant banks as and when an indent for the same is received from them. The Advisory Committee constituted by the Federation extends suitable guidance for effective functioning of the Scheme.
State Cooperative Banks, their branches, District Central Cooperative Banks,
their branches, Urban Cooperative Banks and their branches in the country having working capital
more than the prescribed limit are eligible to join the Scheme by paying annual
subscription fixed for it by the Federation. The role of the concerned State
Cooperative Bank is vital in respect of giving admission to the bank under the
Scheme, since it alone can be recommended for admission of any bank from its state
to the Scheme and also in respect of transaction of DDs and final adjustments of
the debit entries of these DDs.