What changed
RBI issued a corrigendum to the Master Circular on Investments by Primary (Urban) Co-operative Banks dated July 1, 2009. The instructions in paragraph 15.2.3 of that circular are to be omitted as they were mistakenly retained during the update.
What it means for you
Urban co-operative banks should no longer follow the instructions previously contained in paragraph 15.2.3 of the July 2009 Master Circular. This correction ensures that only the intended, updated investment guidelines apply, reducing compliance confusion.
What you must do
- Remove paragraph 15.2.3 from your copy of the July 2009 Master Circular on Investments.
- Update internal compliance manuals and training materials to reflect this deletion.
- Inform relevant departments (treasury, compliance, audit) about the corrigendum.
- Ensure future investment decisions align with the corrected circular, excluding the omitted paragraph.
Who it affects
Primary (Urban) Co-operative Banks, Compliance officers at urban co-operative banks, Treasury and investment departments of urban co-operative banks
Why was paragraph 15.2.3 omitted?
RBI stated it was inadvertently retained while updating the instructions in the Master Circular. The corrigendum corrects this error.
Does this corrigendum affect any other parts of the Master Circular?
No, only paragraph 15.2.3 is affected. All other instructions in the July 2009 Master Circular remain unchanged.
What should we do if we have already implemented paragraph 15.2.3?
Reverse any actions taken solely based on that paragraph and align with the corrected circular. Consult your compliance team for specific adjustments.