Home > Notifications > Others > Opening of Current Account and Subsidiary General Ledger Account with Reserve Bank and Membership of Indian Financial Network (INFINET) and Real Time Gross Settlement (RTGS) System


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Notifications & Circulars

Opening of Current Account and Subsidiary General Ledger Account with Reserve Bank and Membership of Indian Financial Network (INFINET) and Real Time Gross Settlement (RTGS) System
Notice Date : 16 November 2010

 Opening of Current Account and Subsidiary General Ledger Account with Reserve Bank and Membership of Indian Financial Network (INFINET) and Real Time Gross Settlement (RTGS) System

 

RBI/2010-11/277

UBD.BPD. (PCB).Cir. No.24/12.05.001/2010-11

November 16, 2010

 

The Chief Executive Officers of

All Urban Co-operative Banks

 

Dear Sir / Madam,

 

Opening of Current Account and Subsidiary General Ledger Account with Reserve Bank and Membership of Indian Financial Network (INFINET) and Real Time Gross Settlement (RTGS) System

 

In the Second Quarter Review of Monetary Policy of the Reserve Bank of India for the Year 2010-11, it was announced that Urban Co-operative Banks (UCBs) would be allowed current account and SGL account with the Reserve Bank as also membership of INFINET and RTGS. The relevant paragraph of the Review is reproduced below.

 

Access to INFINET Membership, Current/SGL Accounts with the Reserve Bank and RTGS Membership for UCBs

 

97. In order to enable urban co-operative banks (UCBs) to serve their customers better, it is proposed :

 

• to allow all licensed UCBs (other than those under all inclusive directions) the facility of Indian Financial Network (INFINET) membership, current and Subsidiary General Ledger (SGL) accounts with the Reserve Bank; and

 

• to allow Real Time Gross settlement (RTGS) membership  to only well managed and financially sound UCBs having a minimum net worth of Rs. 25 crore.

 

2.  Accordingly, it has been decided to permit all licensed UCBs, other than those under all inclusive Directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS), to open Current Account and Subsidiary General Ledger (SGL) Account with the RBI.  Such UCBs are also allowed to take up membership of the INFINET and RTGS. However, for RTGS membership, the UCBs apart from being financially sound and well managed are required to have a minimum net-worth of Rs. 25 crore.

 

3.  Urban Co-operative Banks satisfying the prescribed eligibility criteria and desirous of availing of the above facilities may approach the Regional Director, Reserve Bank of India, Mumbai Office, Fort, Mumbai – 400 001.

 

Yours faithfully,

(A. Udgata)

Chief General Manager-in-Charge

 

Notification No : UBD.BPD. (PCB).Cir. No.24/12.05.001/2010-11
Source : ,
Posted on 17 November 2010



You need to be logged in to post comment

Comments (0)






More Notification & Circulars from this category



More newer Notification & Circulars ....







Submit



Quick Links


 








Browse by Category




back to the top