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RBI-Investments in Non-SLR Securities by Primary (Urban) Co-operative Banks Approved counterparties for secondary market transactions
August, 17th 2018

RBI/2018-19/37
DCBR.BPD.(PCB).Cir.No.02/16.20.000/2018-19

August 16, 2018

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

Madam / Dear Sir,

Investments in Non-SLR Securities by Primary (Urban) Co-operative Banks – Approved counterparties for secondary market transactions

Please refer to para 2 (iii) (i) of our circular UBD.(PCB).BPD.Cir.No.46/16.20.000/2008-09 dated January 30, 2009 advising the Primary (Urban) Co-operative Banks (UCBs) that all transactions for acquisition / sale of non-SLR investments in secondary market may be undertaken only with commercial banks / primary dealers as counterparties.

2. As a step towards harmonization of regulations for Urban and Rural Co-operative Banks, it has been decided to permit UCBs to undertake eligible transactions for acquisition / sale of non-SLR investment in secondary market with mutual funds, pension / provident funds and insurance companies, in addition to undertaking transactions with commercial banks and primary dealers, subject to adherence to the instructions contained in Para 7 of RBI Master Direction FMRD.DIRD.2/14.01.002/2017-18 dated August 10, 2017.

3. All other conditions prescribed in this regard in the circulars UBD.(PCB).BPD.Cir.No.46/16.20.000/2008-09 dated January 30, 2009 and UBD.BPD.(PCB).Cir.No.58/16.20.000/2013-14 dated May 07, 2014 remain unchanged.

Yours faithfully,

(Neeraj Nigam)
Chief General Manager

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