RBI Reviews Instructions on Bulk Deposits for UCBs
FinTech BizNews Service
Mumbai, January 1, 2024: With a refer to Para 3 (a) (i) of Master Direction - Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 dated May 12, 2016; RBI has in a communication to UCBs, informed that on a review, it has been decided to enhance the bulk deposit limit for Scheduled Urban Co-operative Banks (SUCBs), in Tier 3 and 4, to Rupees one crore and above. Accordingly, “Bulk Deposit” for Primary (Urban) Co-operative Banks would now mean:
Single Rupee term deposits of Rupees one crore and above for Scheduled UCBs categorised as Tier 3 and 4 UCBs under the revised regulatory framework.
Single Rupee term deposits of Rupees fifteen lakh and above for all other UCBs (i.e., other than Scheduled UCBs in Tier 3 and 4).
The relevant sections of the Master Direction as amended. All other instructions in this regard shall remain unchanged.
