RBI/2013-14/593
UBD.CO.BPD.(PCB) Cir No. 63/13.05.000/2013-14

May 16, 2014

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

Madam / Dear Sir,

Undertaking of activity by the Urban Cooperative Banks (UCBs) as PAN Service Agent (PSA) for providing PAN issuance services to its customers by entering into tie-up with authorized Agencies

Please refer to circular UBD.CO.BPD.(PCB).Cir.No.38/13.05.000/2013-14 dated November 14, 2013 wherein Financially Sound and Well Managed UCBs as defined in our circular UBD.CO.LS.(PCB). Cir.No.24/07.01.000/2013-14 dated October 1, 2013 were permitted to act as PAN Service Agents (PSA) by entering into a tie-up with UTI Infrastructure and Technology Services Ltd with prior approval of the Reserve Bank.

2. It has now been decided that Financially Sound and Well Managed UCBs, as defined in the circular ibid may act as PAN Service Agents (PSA) by entering into a tie-up with NSDL e-Governance Infrastructure Limited or with any other agency authorized by the Income Tax Department, Government of India for this purpose with prior approval of the Reserve Bank.

3. All other terms and conditions as set out in our circular dated November 14, 2013 remain the same.

Yours faithfully,

(P K Arora)
General Manager