Reetu | Jan 3, 2024 |
RBI enhances Bulk Deposit limit for Urban Co-operative Banks
The Reserve Bank of India(RBI) has issued instructions for the enhancement of the Bulk Deposit limit for Urban Co-operative Banks.
In reference to Para 3 (a) (i) of Master Direction – Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions 2016 issued on May 12, 2016, in which “Bulk Deposit” means single Rupee term deposits of Rupees fifteen lakh and above.
Following a review, it was decided to increase the bulk deposit limit for Scheduled Primary (Urban) Co-operative Banks in Tier 3 and 4 to Rupees One crore and beyond.
Accordingly, “Bulk Deposit” for Primary (Urban) Co-operative Banks would now mean:
i. Single Rupee term deposits of Rupees one crore and above for Scheduled UCBs categorised as Tier 3 and 4 UCBs under the revised regulatory framework.
ii. Single Rupee term deposits of Rupees fifteen lakh and above for all other UCBs (i.e., other than Scheduled UCBs in Tier 3 and 4).
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