Clarification on Shifting Branches/Offices/Extension Counters and Guidelines on Branch Closure by DCCBs Introduction The Reserve Bank of India (RBI) has introduced new guidelines regarding the shifting of branches, offices, and extension counters within the same city, town, or village by District Central Co-operative Banks (DCCBs). In addition, guidelines have been issued on the closure of unprofitable branches and extension counters by DCCBs. Shifting of Branches/Offices/Extension Counters DCCBs are allowed to shift their branches, offices, and […]

Joining the Account Aggregator Ecosystem as a Financial Information User With the increasing need for efficient and effective financial information management, the Account Aggregator (AA) ecosystem has become a valuable tool for regulated entities. As per the Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016, such entities are classified as Financial Information Providers (FIP) or Financial Information Users (FI-U). However, it has come to light that some eligible entities have […]

Review of Financial Information Provider (FIP) under the Account Aggregator Framework Introduction In this article, we will review the concept of the Financial Information Provider (FIP) under the Account Aggregator (AA) framework. We will discuss the definition of FIP as outlined in the Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016. Additionally, we will explore the role of the Central Recordkeeping Agency (CRA) in the National Pension System (NPS) and […]

Banking Regulation (Amendment) Act 2020 – Change in Name of Co-operative Banks Introduction The Banking Regulation (Amendment) Act (No. 39 of 2020) has made Sections 49B and 49C of the Banking Regulation Act, 1949 (BR Act) applicable to Co-operative Banks. These sections impose certain requirements and approvals from the Reserve Bank for any change in name or alteration of bye-laws of a Co-operative Bank. Change in Name of Co-operative Banks To change the name of […]