Union Co-op Banks gets RBI nod for specialised branches

Posted By: Religare
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Union Co-op Banks gets RBI nod for specialised branches
The Reserve Bank of India (RBI) has allowed financially-sound and well-managed urban cooperative banks (UCBs) to open specialised branches, or central processing and retail assets processing centres, said Business Standard.

These branches should not have any direct interface/business transactions with customers, except for the creation of equitable mortgage, execution/release of loan documents and the initiation of recoveries and follow-up.

RBI would allow UCBs with a large network of branches and substantial business volume to open specialised branches, on its prior approval, which would also result in cost reduction and faster approvals.

To open such branches, UCBs would have to propose the move in their annual business plan, explaining the need and the objective of such centres, added the media report.

Dion Global Solutions Ltd.

Read more about: rbi, urban cooperative banks
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