What changed
RBI clarified that 'Controlling Office' includes 'Area Office' for RRBs. Both can now be referred to as 'Regional Office' in paragraphs 2 and 2.3 of the Master Circular on Branch Licensing for RRBs.
What it means for you
This simplifies branch licensing terminology for RRBs, aligning it with standard banking nomenclature. Banks can now uniformly use 'Regional Office' for administrative oversight, reducing confusion in regulatory compliance.
What you must do
- Update internal documents and circulars to replace 'Controlling Office' and 'Area Office' with 'Regional Office'.
- Inform all branches and sponsor banks about the nomenclature change.
- Ensure compliance with the revised Master Circular on Branch Licensing for RRBs.
Who it affects
Regional Rural Banks (RRBs), Sponsor banks of RRBs, RBI regional offices
Does this change affect any existing circulars?
Yes, it clarifies that the instructions in the circular dated May 4, 2009 apply to Area Offices as well, and the terms in paragraphs 2 and 2.3 of the Master Circular on Branch Licensing for RRBs dated July 1, 2008, and the circular dated May 4, 2009, should be replaced with 'Regional Office'.