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Urban Cooperative Banks in eight states eligible to convert extension counters into branches

Reserve Bank of India has advised on the 13th November 2006, that Urban Cooperative Banks (UCBs), other than those in Grade III and IV, registered in the eight states which have signed MoU and those registered under Multi-State Cooperative Societies Act, 2002 will be eligible to convert the extension counters on completion of three years of their operation into full-fledged branches. The shifting/ relocation of these branches, if considered necessary by the bank, would be permitted subject to the following conditions:

(i) The proposal is for shifting/relocation of the converted branch within the city/town limit.

(ii) Banking services to the existing customers of the extension counter, including the institutional customer, are ensured.

(iii) No new extension counter will be allowed in the institution in which the extension counter is housed presently.

Eight State Governments, viz, Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Uttaranchal, Rajasthan, Chhattisgarh and Goa, have entered into an MoU with the Reserve Bank. A Task Force for Urban Co-operative Banks (TAFCUB) has been set up in each of these states for identification of and drawing up of a time bound action plan for revival of potentially viable UCBs and for non-disruptive exit for non-viable UCBs.

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