Urban Co-operative Banks (UCBs) allowed access to INFINET and RTGS membership and Current/SGL Accounts with the Reserve Bank

November 16, 2010: Reserve Bank of India has decided to allow Urban Co-operative Banks (UCBs) to maintain current account and SGL account with the Reserve Bank and also get membership of INFINET and RTGS.

Accordingly, RBI has notified :

• to allow all licensed UCBs (other than those under all inclusive directions) the facility of Indian Financial Network (INFINET) membership, current and Subsidiary General Ledger (SGL) accounts with the Reserve Bank; and

• to allow Real Time Gross settlement (RTGS) membership to only well managed and financially sound UCBs having a minimum net worth of Rs. 25 crore.”



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