RBI/2007-2008/332
UBD.PCB.Cir.No.
46 /09.69.000/07-08 May 26, 2008 The Chief Executive
Officers of
All Primary (Urban) Co-operative Banks Dear Sir/Madam, Annual
Policy Statement for the year 2008-09
Installation of Automatic Teller Machines
(ATMs) -UCBs. Please refer to our circular UBD.PCB.BPD.Cir.No.
50/09.69.000/05-06 dated April 28, 2006 on the above subject. 2.
As announced in the Annual
Policy Statement for the year 2008-09 dated April 29, 2008 (extract
enclosed), the eligibility norms for opening up of on-site ATMs have
been liberalized. Accordingly, UCBs that are registered in states which
have entered into MoU with RBI or are registered under the Multi-state Cooperative
Societies Act, 2002 and classified in Grades other than Grade III and IV, may
hereafter, set up on-site ATMs without prior approval of the Reserve Bank.
Yours faithfully, (A.K Khound)
Chief
General Manager-in-Charge
Annual
Policy Statement for the Year 2008-09 Opening of
On-site ATM By UCBs 210. At present, UCBs are allowed
to open on-site ATMs subject to certain eligibility norms, including minimum deposit
criterion of Rs.100 crore. With a view to liberalising this facility, it is proposed:
- to dispense with the extant eligibility norms
for opening on-site ATMs for well-managed and financially sound UCBs in the States
that have signed MoUs with the Reserve Bank and those registered under the Multi-State
Cooperative Societies Act, 2002.
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