DBOD.No. FSC.BC.61/24.47.001/98

June 23, 1998
Aashadha 2, 1920 (Saka)

All Scheduled Commercial Banks

Dear Sir,

Stockinvest Scheme

In terms of circular DBOD No. BC.76/24.47.001/91-92 dated 1 February 1992, a bank proposing to introduce the Stockinvest Scheme, is required to forward to us the detailed Scheme drawn by it at least a fortnight before its formal introduction, as also bring to our notice any changes made therein well in advance. It has been decided that banks need not henceforth refer the Scheme to us before introduction. The Scheme may be introduced with the approval of their Board and subject to the terms and conditions governing Stockinvests as advised by us from time to time.

2. It has also been decided that banks issuing stockinvests need not submit to RBI the statements indicating the number of stockinvests issued and the amount involved at the end of each quarter as advised in our circular DBOD No. FSC. BC. 206/24.47.001/93-94 dated 20 December 1993.

Yours faithfully,

(Smt. Chitra Chandramouliswaran)

General Manager