Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: cpt :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
« Latest Circulars »
 RBI’s statement on fraud in Punjab National Bank
 RBI-Auction of State Government Securities Feb 15, 2018
 RBI new bad loan rules may improve prospects of loan recovery
 RBI-Resolution of Stressed Assets – Revised Framework
 RBI-Monthly Bulletin for February 2018
 Addendum to the Report of the Internal Study Group to Review the Working of the Marginal Cost of Funds Based Lending Rate System: Some Reflections on the Feedback Received
 Levy of Penal Interest – Delayed Reporting (Corrected)
 Report of the Inter-Regulatory Working Group on FinTech and Digital Banking
 16th Round of Quarterly Services and Infrastructure Outlook Survey (SIOS) – Q4:2017-18
 Relief for MSME Borrowers registered under Goods and Services Tax (GST)
 RBI-Receiving the Resolution of the Monetary Policy Committee of the Reserve Bank of India under the Sixth Bi –monthly Monetary Policy Statement for the year 2017-18

RBI-Second Schedule to the Reserve Bank of India Act, 1934 Norms for inclusion
September, 30th 2013

RBI/2013-14/298
UBD CO BPD (PCB) No.20/16.05.000/2013-14

September 27, 2013

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

Dear Sir,

Second Schedule to the Reserve Bank of India Act, 1934 – Norms for inclusion

Please refer to our circular UBD No. BPD 3/16.05.00/2004-05 dated July 13, 2004 on the captioned subject in terms of which UCBs were advised of our decision to not consider for the time being any application for inclusion in the Second Schedule of the Reserve Bank of India Act, 1934.

2. It has now been decided to consider applications from UCBs for inclusion in the Second Schedule to the Reserve Bank of India Act, 1934. We enclose a copy of the Government of India notification F.No.3/42/2011-AC dated April 29, 2013 published in the Gazette of India dated May 04, 2013 notifying that with effect from April 01, 2013, only such of the primary co-operative banks as are licensed and whose Demand and Time Liabilities (DTL) are not less than `750 crore would be treated as a ‘financial institution’ for the purpose of sub-clause (iii) of clause (a) of Sub-Section (6) of Section 42 of the Reserve Bank of India Act, 1934, i.e. for the purpose of inclusion of UCBs in the Second Schedule to the Reserve Bank of India Act, 1934.

3. UCBs desirous of seeking inclusion in the Second Schedule to the RBI Act, 1934 and fulfilling the following financial criteria based on the assessed financials as per inspection reports, viz.

  1. DTL of not less than `750 crore on a continuous basis for one year;
  2. CRAR of minimum 12%;
  3. Continuous net profit for the previous three years;
  4. Gross NPAs of 5% or less;
  5. Compliance with CRR / SLR requirements and
  6. No major regulatory and supervisory concerns

may submit their application along with relevant documents (two sets) as detailed in the Annex, to the Regional Office concerned of Urban Banks Department.

Yours faithfully,

(A.K. Bera)
Principal Chief General Manager

Encl: as above


Annex

Documents to be submitted to Reserve Bank of India while applying for inclusion in the Second Schedule to the Reserve Bank of India Act, 1934

  1. Copy of resolution passed by the Annual General Body / Board of Directors to make an application to RBI for inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 and containing the name(s) of one / two officials authorized to correspond with RBI in this regard;

  2. Major financial details of the bank together with copies of the published balance sheet for the last three years and

  3. Fortnightly balance of Demand and Time Liabilities as on each reporting Friday for the last financial year, duly certified by a Chartered Accountant.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions