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RBI/2022-23/135 DoR.AUT.REC.81/24.01.001/2022-23 November 01, 2022 Madam / Sir, Eligibility Criteria for offering Internet Banking Facility by Regional Rural Banks, 2022 In exercise of the powers conferred by Sections 35A of the Banking Regulation Act, 1949, the Reserve Bank of India be
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FAQ :
RRBs must have fully implemented Core Banking Solutions, migrated to IPv6, comply with CRAR requirements, possess a net worth of ₹50 crore or more, have net NPAs not exceeding 5%, shown net profit in the last two financial years, and have no defaults in CRR/SLR maintenance.
The revised eligibility criteria come into force from November 1, 2022.
These revised criteria are applicable to all Regional Rural Banks (RRBs).
RRBs need a net worth of ₹50 crore or more as of March 31 of the previous financial year and a net Non-Performing Asset (NPA) ratio of not more than 5% as of the same date. They must also have achieved net profit in the two preceding financial years.
RRBs must have a satisfactory track record of regulatory compliance, with no instances of monetary penalties for violating RBI directives in the two preceding financial years. They also need a sound internal control system approved by a CISA qualified independent auditor.
RRBs that meet the eligibility criteria must submit an application to the concerned Regional Office of the RBI through NABARD, as prescribed in the circular dated November 19, 2015.
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Notification No : RBI/2022-23/135 DoR.AUT.REC.81/24.01.001/2022-23Published in Community & General
Source : https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=12407&fn=2&Mode=0