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RBI relaxes norms for opening Coop banks branches

Updated: May 24, 2013 06:08:40pm
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New Delhi, May 24 (KNN) Reserve Bank of India today announced relaxing procedure for opening branches by Urban-Cooperative Banks. Now only one copy of Annual Business Plan has to be submitted with RBI for opening branch doing away with the duplicate copy.

“UCBs were required to prepare Annual Business Plan (ABP) for opening of branches or extension counters, upgradation of extension counters into full fledged branches, setting up of new off site automated teller machines, in their existing area of operation and submit the ABP in duplicate  to the respective regional offices of RBI. The ABP proposals may be submitted now to RBI in single copy only,” said RBI in a notification.

All other instructions on selection of centres, approval of centres, licence and its period, procedural guidelines for permission to open branches, norms for opening extension counters and licencing policy remain unchanged. (KNN)
 

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