Second Schedule to RBI Act, 1934 - Norms for inclusion - RBI - Reserve Bank of India
Second Schedule to RBI Act, 1934 - Norms for inclusion
RBI/2004-05/41 UBD.No.BPD. 3 /16.05.00/2004-05
July 13, 2004
The Chief Executive Officers of All Primary (Urban) Co-operative Banks Dear Sir, Second Schedule to RBI Act, 1934 - Norms for inclusion As per the Government of India Notification F.No.14-13/2003-AC dated 30th October 2003 (copy enclosed) published in the Gazette of India dated 8th November 2003 (Statutory order 3163), notifying that henceforth (with effect from 1July 2003) only such of the primary co-operative banks which are licensed and whose demand and time liabilities are not less than Rs. 250 crore qualify to be treated as financial institutions for the purpose of sub-clause (iii) of clause (a) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934, i.e., for the purpose of inclusion of the primary co-operative banks in the second schedule to the Reserve Bank of India Act, 1934. 2) In paragraph No. 139 of Annual Monetary and Credit Policy for the year 2004-2005, it has been proposed to consider issuance of fresh licences only after a comprehensive policy on UCBs, including an appropriate legal and regulatory framework for the sector, is put in place and a policy for improving the financial health of the urban co-operative banking sector is formulated. 3) In this context, it has also been decided not to consider any application for inclusion in the Second Schedule of the Reserve Bank of India Act, 1934 till a proper legislative framework is brought about. Yours faithfully,
( N. S. Vishwanathan) Chief General Manager Encl :1 REGD.No.DL (N) 04/0007/2003-05 PUBLISHED BY AUTHORITY WEEKLY No. 45, NEW DELHI, NOVEMBER 2 - NOVEMBER 8, 2003 SATURDAY/KARTIKA 11-17, 1925
Separate Paging is given to this Part in order that it may be filed as a separate compilation PART II - Section 3 - Sub-section (ii) Statutory Orders and Notifications Issued by the Ministers of the Government of India (Other than the Ministry of Defence) ******
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