Master Circular on Broker Appointment & Delisting for Relief/Savings Bonds
Current · Source: Reserve Bank of India · RBI/2007-2008/77 · issued 02 Jul 2007 · ~2 min read
Quick answerRBI consolidated all instructions on appointing and delisting brokers for Relief/Savings Bonds into a single Master Circular. Agency banks must follow a simple enrolment procedure, ensure sub-agents don't misuse RBI's name, and delist dormant brokers after two years of inactivity.
The rule, in the simplest words
Banks must follow a simple sign-up process for brokers: accept a request on the broker's business letterhead with business details, and give each broker a unique code.
Brokers must write their RBI-given code on every application they submit; this code only works for applications at RBI offices.
If a bank hires another bank as a sub-agent, the hiring bank is fully responsible for everything the sub-agent does, and the sub-agent cannot use RBI's name in ads or signs.
Banks must remove (delist) brokers who have done no business for 2 years, after giving them a proper warning.
How it plays out — a real example
A forex & trade-finance officer in Indore receives a request from a local broker to handle Relief Bond applications. She checks the broker's business letterhead, assigns a unique broker code, and reminds him to quote that code on every application. Later, she learns the broker hired a sub-agent who put up a billboard saying 'RBI appointed us.' She immediately calls the broker to take it down, knowing she is fully liable for the sub-agent's actions.
What changed
RBI issued a Master Circular consolidating all previous instructions on broker appointment and delisting for Relief/Savings Bonds. The circular reiterates the simple enrolment procedure, the responsibility of agency banks for sub-agents, and the delisting of dormant brokers after two years.
What it means for you
Banks acting as agents for Relief/Savings Bonds now have a single reference document for broker management. They must ensure sub-agents do not use RBI's name in publicity, and they are fully liable for any sub-agent's actions. Dormant brokers (no business for two years) should be delisted after proper notice.
What you must do
Follow the simple enrolment procedure for brokers: accept request on business letterhead with business data and allot a unique broker code.
Ensure brokers quote their RBI-issued code on all applications; codes are valid only for RBI tenders.
If you appoint sub-agents, take full responsibility for their activities and prohibit them from using RBI's name in any publicity.
Delist brokers who have been dormant for two years after giving due notice.
Who it affects
State Bank of India and associate banks, 17 nationalized banks, ICICI Bank, IDBI, HDFC Bank, UTI Bank, Stock Holding Corporation of India Ltd, All agency banks handling Relief/Savings Bonds
❓ Common questions
What is the procedure for enrolling a broker for Relief/Savings Bonds?
The broker must submit a request on their business letterhead along with business data. The agency bank or RBI office then allots a unique broker code, which the broker must quote on all applications.
Can an agency bank appoint another bank as a sub-agent for Relief/Savings Bonds?
Yes, but the appointing bank is solely responsible for the sub-agent's activities. The sub-agent must not use RBI's name in any publicity or billboards.
When should a broker be delisted?
Brokers who have been dormant (no fresh business) for two years should be delisted after giving them due notice.
📜 Read the original circular — full text as issued by RBI
RBI/2007-2008/77
DGBA.CDD No H – ……… / 13.01.299 / 2007-08
July 2, 2007
Aashadha, 1929 (S)
The Chairman / Managing Director
State Bank of India and Associate banks
and 17 Nationalized banks
ICICI Bank Ltd / IDBI Ltd / HDFC Bank Ltd / UTI Bank Ltd.
Stock Holding Corporation of India Ltd
Dear Sir,
Master Circular on Appointment & delisting of Brokers for Relief / Savings Bonds
The Department of Government and Bank Accounts, Central Office, RBI has been issuing instructions relating to appointment/delisting of brokers for Relief / Savings Bonds from time to time. In order to enable the Offices/Agency Banks to have all the currently operative instructions on the above subject at one place, a Master Circular on appointment/delisting of brokers for Relief / Savings Bonds has been prepared, which is enclosed. You may also access the circular on our website www.rbi.org.in
Please acknowledge receipt.
Yours faithfully,
(B. K. Mishra)
General Manager
Master Circular
Relief / Savings Bonds
Appointment / Delisting of Brokers
Offices/Agency Banks may follow a simple procedure for enrolment/registration of brokers. The broker seeking enrolment /registration may submit his/her request for registration on his/her business letter head together with business data. The Offices / Agency banks may allot broker code number, which should be quoted by the broker on all applications tendered at the Receiving offices.
The brokers should be advised that code numbers allotted by RBI Offices are valid only for applications tendered at Reserve Bank of India.
(Ref.CO.DT.13.01.201/692/2000-01 dt.9-8-2000)
Appointment of sub-agents by Agency Banks
It has come to our notice that some banks designated/authorized by RBI have engaged the services of other banks as brokers/agents for receiving applications and the latter are using the name of Reserve Bank of India in their publicity material and billboards stating that RBI has appointed them as brokers for Relief/Savings Bonds business. We advise that in cases where Authorised Banks engage the services of other banks/institutions not authorized to handle Relief/Savings Bonds business as designated banks, the agency banks who have appointed them are solely responsible for the activities of such a bank/institution engaged by agency bank as an agent/broker. The name of RBI should not be used by such banks.
(Ref. CO.DT.13.01.251.5341/2001-02 dt.4-1-2002)
Delisting of brokers:
Offices/Agency banks are advised that names of the dormant brokers, say for a period of 2 years, may be de-listed after giving due notice if no fresh business is forthcoming from such brokers.
(Ref.CO.DT.13.01.201/4890/1999-00 dated 6-3-2000)
In case, detailed clarifications are required on specific issues, the circulars/indicated above may please be referred to.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/77 · issued 02 Jul 2007. The plain-English explanation above is BankPulse’s own independent summary.
Ensure brokers quote their RBI-issued code on all applications; codes are valid only for RBI tenders.
📜 Compliance
Follow the simple enrolment procedure for brokers: accept request on business letterhead with business data and allot a unique broker code.
If you appoint sub-agents, take full responsibility for their activities and prohibit them from using RBI's name in any publicity.
Delist brokers who have been dormant for two years after giving due notice.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (State Bank of India and associate banks, 17 nationalized banks, ICICI Bank, IDBI, HDFC Bank, UTI Bank, Stock Holding Corporation of India Ltd, All agency banks handling Relief/Savings Bonds), your first concrete step on “Master Circular on Broker Appointment & Delisting for Relief/Savings Bonds” is: “Follow the simple enrolment procedure for brokers: accept request on business letterhead with business data and allot a unique broker code.” (RBI issued this 02 Jul 2007).
Circular: RBI/2007-2008/77 -- Master Circular on Broker Appointment & Delisting for Relief/Savings Bonds
Issued: 02 Jul 2007
Action required: Follow the simple enrolment procedure for brokers: accept request on business letterhead with business data and allot a unique broker code.
Action required: Ensure brokers quote their RBI-issued code on all applications; codes are valid only for RBI tenders.
Action required: If you appoint sub-agents, take full responsibility for their activities and prohibit them from using RBI's name in any publicity.
Action required: Delist brokers who have been dormant for two years after giving due notice.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3690&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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