The Reserve Bank today allowed urban cooperative banks (UCBs) with total deposits of over Rs 750 crore to graduate to scheduled bank category. If UCBs fulfill certain listed criteria, it will eligible for inclusion in the second schedule, RBI said in a notification.
All the public sector banks, private sector banks, foreign banks, regional rural banks are part of the second schedule. As per the government's notification, with effect from April 01, 2013, only those primary co-operative banks whose demand and time liabilities are not less than Rs 750 crore would be treated as a 'financial institution' for the purpose of inclusion of UCBs in the Second Schedule of the Reserve Bank of India Act, 1934.
Read more >> Click here
No comments :
Post a Comment