RBI/2004-05/76
UBD. PCB.Cir. No. 6 /12.05.01/2004-05
July 28, 2004
The Chief Executive Officers of
all Non-Scheduled Primary (Urban) Co-operative Banks (UCBs)
Dear Sir,
Placement of deposits by Non Scheduled
UCBs with eligible Scheduled UCBs
Please refer to our circular UBD.
No. BPD. PCB. Cir. 46 /16.20.00 / 2002-03 dated May 17, 2003, permitting
non-scheduled urban co-operative banks (UCBs) to place deposits with eligible
scheduled urban co-operative banks. A reference may also be made to our circular
UBD
No.BPD. PCB. cir. 35 /13.05.00/2003-04 dated February 27, 2004.
2. We advise that in future
you may obtain as at the end of March every year, a certificate from the statutory
auditors / chartered accountants, stating that your bank has not placed any
deposit with any ineligible bank during the year. The certificate may please
be sent to the Regional Office concerned of the UBD every year.
3. In case of doubt as to whether
a particular scheduled bank is eligible to accept deposits, you may please contact
our Regional Office concerned.
4. Please acknowledge receipt
to our Regional Office concerned.
Yours faithfully,
(N.S. Vishwanathan)
Chief General Manager
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