RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S3

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

55424231

Appointment of UCBs as agents/ sub-agents under Money Transfer Service Scheme

RBI /2008-09/465
UBD.CO.BPD.PCB.Cir.no.62/16.12.000/2008-09

April 23, 2009

The Chief executive Officers
All Primary (Urban) Co-operative Banks

Dear Sir,

Appointment of UCBs as agents/ sub-agents under
Money Transfer Service Scheme

Please refer to our circular UBD(PCB) No.8/16.12.000/2007-08 dated July 17, 2007 on the captioned subject, allowing UCBs holding AD Category I and II licences to act as agents/ sub-agents under the Money Transfer Service Scheme (MTSS).

2. In terms of Para 2(iii) of the circular, where the UCBs act as sub-agents, the agent should maintain a security deposit equivalent to 3 days average payout or Rs. 20.00 lakh whichever is higher, in favour of the UCBs concerned. On a review, it has been decided to do away with the ceiling on security deposits to be maintained by the agents with the UCBs acting as sub-agents. However, it should be ensured that the payouts of UCBs pending reimbursement by the agents should not, at any point of time, be higher than the security deposits.

3. UCBs (AD Category I / II) already acting / proposing to act as sub-agent may seek approval of the Regional Office of the RBI concerned by furnishing an undertaking that the amount of payouts at no point of time would exceed the deposits placed by the agents.

Yours faithfully,

(Uma Shankar)
Chief General Manager

RbiTtsCommonUtility

प्ले हो रहा है
ऐका

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

भारतीय रिझर्व्ह बँक मोबाईल ॲप्लिकेशन इंस्टॉल करा आणि नवीनतम बातम्यांचा त्वरित ॲक्सेस मिळवा!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

हे पेज उपयुक्त होते का?