Notifications

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Instruments for Augmenting Capital Funds- UCBs

RBI/2008-09/349
UBD.PCB. Cir .No.32/09.18.201/2008-09

January 13 , 2009

The Chief Executive Officer of
All Primary  (Urban) Co-operative Banks.

Dear Sir/Madam,

Instruments for Augmenting Capital Funds- UCBs

Please refer to our circular UBD.PCB. Cir. No. 4/ 09.18.201/2008-09 dated July 15, 2008 on the captioned subject, forwarding  therewith guidelines on issuance of Preference Shares and Long Term Deposits (LTDs).

2. In this connection we further advise as under:
(i)  PNCPs held may be treated as shares for the purpose of compliance with extant share linking norms.
(ii) No loans and advances should be sanctioned against the collateral of preference shares (including PNCPs).
(iii) There is no prohibition on existing shareholders subscribing to Long Term Deposits ( LTDs).

3. Please acknowledge receipt to the Regional Office concerned.

Yours faithfully,

(A.K.Khound)
Chief General Manager-in-Charge


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