Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - Policy for opening of new place of business by State Co-operative Banks - आरबीआय - Reserve Bank of India
Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - Policy for opening of new place of business by State Co-operative Banks
RBI/2009-2010/114 August 4, 2009 All State Co-operative Banks Dear Sir / Madam, Section 23 of the Banking Regulation Act, 1949 (As Applicable On a review of the policy for opening of new place of business, under Section 23 of the Banking Regulation Act, 1949 (AACS) by State Co-operative Banks, it has been decided to adopt the following criteria: Opening of branches / extension counters
(ii) In a two-tier co-operative credit structure consisting of StCB and PACS, StCB may be allowed (except in north-eastern States, where general permission has been granted for opening branches anywhere in the States) to open branches in urban as well as rural centres. (iii) For the purpose of opening branches / extension counters in accordance with the aforesaid parameters, StCBs should have (as per the latest inspection report):
(iv) Further, the concerned State Government should have signed the Memorandum of Understanding (MoU) in connection with the Government of India's Revival Package for short term rural co-operative credit structure for the StCB to be eligible for opening new place of business. 2. The instructions in this circular supersede all instructions issued by the Reserve Bank earlier in this regard. 3. Applications for licence for opening of branches/extension counters should be made to the Reserve Bank (Rural Planning and Credit Department, Central Office) in the prescribed format through NABARD. StCBs, which have already submitted proposals for opening branches, etc. may please forward to the Reserve Bank through NABARD such additional information as is required to be furnished in terms of the aforesaid instructions, at an early date. 4. Please acknowledge receipt of this letter to the concerned Regional Office of this Department.
Yours faithfully (R.C.Sarangi) |