What changed
Earlier, FSWM UCBs had to submit their Annual Business Plan (ABP) for branch/extension counter/ATM proposals in duplicate along with annexes. This circular modifies that requirement: now only a single copy of the ABP needs to be submitted to the respective RBI Regional Office. All other existing guidelines on centre selection, approval, licensing, and procedural norms remain unchanged.
What it means for you
This is a minor procedural relaxation that reduces paperwork for UCBs. It does not alter any substantive approval criteria or expansion norms. Banks can expect faster processing due to reduced duplication, but must continue to comply with all other Master Circular instructions from July 2, 2012.
What you must do
- Update your internal ABP submission process to prepare only one copy instead of two.
- Ensure all annexes (I, II, III-A, III-B, IV) are still attached as per earlier requirements.
- Continue to follow all other branch/extension counter/ATM licensing and procedural guidelines from the July 2, 2012 Master Circular.
Who it affects
Financially Sound and Well Managed (FSWM) Primary (Urban) Co-operative Banks, RBI Regional Offices handling UCB supervision
Does this circular change any approval criteria for branch openings?
No. Only the submission format is simplified from duplicate to single copy. All other norms on centre selection, approval, licence period, and procedural guidelines remain unchanged as per the Master Circular dated July 2, 2012.
Which banks are covered under this relaxation?
Only Financially Sound and Well Managed (FSWM) Primary (Urban) Co-operative Banks that are required to submit an Annual Business Plan for branch/extension counter/ATM proposals.
Do we still need to submit all the annexes mentioned in the earlier circular?
Yes. The circular only removes the requirement for duplicate copies. Annexes I, II, III-A, III-B, and IV must still be submitted with the single copy.