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RBI-Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)
January, 30th 2015

RBI/2014-15/436
DCBR.CO.LS (PCB) Cir.No.4/07.01.000/2014-15

January 28, 2015

Chief Executive Officers of all
Primary (Urban) Co-operative Banks

Madam / Dear Sir

Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)

Please refer to our circular UBD.CO.LS (PCB) Cir.No.20/07.01.000/2014-15 dated October 13, 2014.

2. We have received representations from various stakeholders requesting us to review the definition of regulatory comfort as prescribed in para 3 of the circular ibid. The matter has been examined by us and it has been decided to revise the definition of ‘Regulatory Comfort’. Accordingly, regulatory comfort for the purpose of classification of an UCB as FSWM would now include compliance to the provisions of Banking Regulation Act, 1949 (AACS), Reserve Bank of India Act, 1934 and the instructions / directions issued by RBI from time to time i.e. the bank should have track record of regulatory compliance and no monetary penalty should have been imposed on the bank on account of violation of RBI directives / guidelines during the last two financial years.

3. The other criteria prescribed for considering an UCB as FSWM detailed in the circular dated October 13, 2014 remain unchanged.

Yours faithfully,

(Suma Varma)
Principal Chief General Manager

 
 
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