RESERVE BANK OF INDIA CENTRAL OFFICE
MUMBAI- 400 018
URBAN BANKS DEPARTMENT
February 11, 2004
RBI/2004/52
Ref.UBD No.BPD.PCB Cir. 33/09.11.00/2003-04
The Chief Executive Officers of
All Primary (Urban) Co-operative Banks
Dear Sir/Madam,
Maintenance of CSGL accounts.
As per the extant instructions, urban co-operative banks are
not allowed to open and maintain Constituent Subsidiary General Ledger (CSGL)
Accounts of other Urban Co-operative Banks (UCBs). It has, however, come to
our attention that despite specific instructions, some banks continue to maintain
CSGL account of other UCBs.
2. All the UCBs, which are holding CSGL accounts of other UCBs
are once again advised to close such accounts and report compliance to the concerned
Regional Office forthwith. UCBs may transfer their CSGL accounts to other public
sector banks, scheduled commercial banks, Primary Dealers, State Co-operative
Banks, Depositories and Stock Holding Corporation of India Ltd. which are authorized
to maintain CSGL accounts, as advised in our Circular No. UBD.BR. No. 6/16.26.00/2000-01
dated August 9, 2001. UCBs are advised to strictly comply with the above instructions.
3. Please acknowledge receipt of this circular to our Regional
Office.
Yours faithfully,
Sd/-
(S. Karuppasamy)
Chief General Manager-in-Charge
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