RBI Issue Norms for Closure of DCCBs
On 30th October, 2023, the Reserve bank of India (RBI) announced a significant change in its regulations, allowing the District Central Co-operative Banks (DCCBs) to close their un-remunerative branches without prior permission of the central bank.
New Norms for DCCBs
- DCCBs are allowed to close their un-remunerative branches without prior permission of the central bank, though a nod will be needed from the Registrar of Cooperative Societies of the respective state.
- The decision to close down branches should be taken by the Board after taking into account all the relevant factors and should be properly recorded/minuted in the proceedings of the ....
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