RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S2

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

55811246

Financial Inclusion - UCBs

RBI/2005-06/220
UBD. BPD. Cir No.19 /13.01.000//2005-06

November 24, 2005

To
Chief Executive Officer All Primary (Urban) Co-operative Banks

Dear Sir/Madam,

Financial Inclusion – UCBs

Please refer to Paragraph 96 of the Mid-term Review of Annual Policy Statement for the year 2005-06.

2. The Annual Policy Statement of April 2005, while recognizing the concerns in regard to the banking practices that tend to exclude rather than attract vast sections of population, urged banks to review their existing practices to align them with the objective of financial inclusion. While recognizing the role of primary (urban) co-operative banks in providing basic and affordable banking services in their respective area of operation, it is observed that in some UCBs, the requirement of minimum balance continues to deter a sizeable section of population from opening / maintaining bank accounts.

3. In this context, with a view to achieving the objective of greater financial inclusion, all UCBs are advised to make available a basic banking 'no-frills' account either with 'nil' or very low minimum balances as well as charges that would make such accounts accessible to vast sections of population. The nature and number of transactions in such accounts could be restricted, but made known to the customer in advance in a transparent manner. All UCBs are advised to give wide publicity to the facility of such a 'no-frills' account including on their web sites indicating the facilities and charges in a transparent manner.

4. Immediate action may be initiated and compliance reported to the concerned Regional Office of RBI within one month.

Yours faithfully,
(N.S.Vishwanathan)
Chief General Manager in-Charge

RbiTtsCommonUtility

प्ले हो रहा है
শুনি আছে

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

ভাৰতীয় ৰিজাৰ্ভ বেংক মোবাইল এপ্পলিকেষ্যন ইনষ্টল কৰক আৰু নৱীনতম বাতৰিৰ প্ৰৱেশাধিকাৰ পাওক!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

এই পৃষ্ঠাটো সহায়ক আছিল নে?