RRBs can launch branches in Tier-II cities without RBI permission
The RBI has allowed Regional Rural Banks (RRBs) to open branches in Tier-II cities without asking for permit.
As per a notification by RBI, RRBs would be allowed to launch branches in Tier-II cities with a population of 50,000 to 99,999 as per 2001 census with certain conditions. The decision has been taken to increase the reach of banking services in Tier-II cities.
RRBs will also have authority to take decision on the applications of RRBs for opening, shifting, merger or conversion of branches without reference to the concerned Empowered Committees in order to speed up the process.
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Month: Current Affairs - August, 2012