Plan.PCB.CIR. 46 /09.29.00/2001-02.

June 6, 2002

The Chief Executive Officers of all
Primary (Urban) Co-operative Banks

Dear Sir/Madam,

Investment portfolio of banks
transactions in securities

Please refer to Para 2(ii) of our circular UBD.No.Plan.PCB.CIR.41/09.29.00/ 2001-02 dated April 20, 2002 on the captioned subject. We clarify that, in addition to the entities mentioned in the said para, primary (urban) co-operative banks may also seek insurance companies, mutual funds and provident funds as counter parties.

Yours faithfully,

(Sudarshan Sen)
General Manager