Current · Source: Reserve Bank of India · RBI/2013-14/655 · issued 24 Jun 2014 · ~1 min read
Quick answerRBI directs all Primary Urban Co-operative Banks to fully cooperate with the Special Investigation Team (SIT) by providing required information and documents promptly, as per Supreme Court orders.
The rule, in the simplest words
All Primary Urban Co-operative Banks (UCBs) must give the Special Investigation Team (SIT) any information or documents it asks for, and do so quickly.
SIT requests are binding; if a bank does not comply, it could face legal or regulatory action.
Banks should appoint a nodal officer to handle SIT requests, keep records ready, train staff, and log every request and response.
The rule follows a Supreme Court order from July 4, 2011, and the SIT was set up by the government under Justice M.B. Shah.
How it plays out — a real example
A gold‑loan officer named Ramesh in Indore receives a request from the SIT for loan files. He quickly gathers the documents, thanks his nodal officer for the clear instructions, and sends them, feeling proud to help the investigation.
What changed
RBI issued a circular on June 24, 2014, mandating all UCBs to comply with SIT requests for information and documents. This follows a Supreme Court judgment from July 4, 2011, and the government's constitution of the SIT under Justice M.B. Shah.
What it means for you
UCBs must treat SIT requests as binding and ensure timely sharing of data without delay. Non-compliance could invite regulatory or legal action, as the directive stems from a Supreme Court order requiring full cooperation from all state agencies and bodies.
What you must do
Designate a nodal officer to handle SIT information requests promptly.
Review internal record-keeping systems to ensure quick retrieval of documents.
Train staff on compliance procedures for responding to SIT queries.
Maintain a log of all SIT requests and responses for audit purposes.
Who it affects
All Primary Urban Co-operative Banks (UCBs), Senior management and compliance teams of UCBs
❓ Common questions
What is the SIT and why does it need information from UCBs?
The Special Investigation Team (SIT) was constituted by the Government of India following a Supreme Court judgment to investigate certain matters. UCBs are required to share information as part of the SIT's mandate to ensure full cooperation from all state entities.
What happens if a UCB fails to provide information to the SIT?
The circular does not specify penalties, but the Supreme Court has directed all agencies to extend full cooperation. Non-compliance could lead to regulatory action by RBI or contempt of court proceedings.
Does this circular apply to all types of cooperative banks?
No, it specifically applies to Primary (Urban) Co-operative Banks (UCBs) as addressed in the circular.
📜 Read the original circular — full text as issued by RBI
RBI/2013-14/655
UBD.BPD (PCB) Cir. No. 73/14.01.062/2013-14
June 24, 2014
The Chief Executive Officer,
All Primary (Urban) Co-operative Banks.
Madam / Dear Sir,
Constitution of Special Investigating Team (SIT) – Sharing of Information with SIT by Primary (Urban) Cooperative Banks (UCBs)
In pursuance of the Hon’ble Supreme Court Judgment dated July 4, 2011, Government of India has constituted a Special Investigation Team (SIT) under the Chairmanship of Hon’ble Justice M.B. Shah. In this regard, the Hon’ble Supreme Court has directed that:
“All organs agencies, departments and agents of the State, whether at the level of the Union of India, or the State Government, including but not limited to all statutorily formed individual bodies, and other constitutional bodies extend all the cooperation necessary for the functioning of the Special Investigation Team.
The Union of India and where needed the State Government will facilitate the conduct of the investigations, in their fullest measures, by the Special Investigation Team and functioning, by extending all necessary financial, material, legal, diplomatic and intelligence resources, whether such investigations or portions of such investigations occur inside the country or abroad.”
2. In view of the above, all UCBs are advised to ensure that information/documents required by the SIT are made available as and when required.
Yours faithfully,
(P.K. Arora)
General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/655 · issued 24 Jun 2014. The plain-English explanation above is BankPulse’s own independent summary.
Review internal record-keeping systems to ensure quick retrieval of documents.
📜 Compliance
Designate a nodal officer to handle SIT information requests promptly.
Train staff on compliance procedures for responding to SIT queries.
Maintain a log of all SIT requests and responses for audit purposes.
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 (All Primary Urban Co-operative Banks (UCBs), Senior management and compliance teams of UCBs), your first concrete step on “UCBs Must Share Info with SIT on Demand” is: “Designate a nodal officer to handle SIT information requests promptly.” (RBI issued this 24 Jun 2014).
Circular: RBI/2013-14/655 -- UCBs Must Share Info with SIT on Demand
Issued: 24 Jun 2014
Action required: Designate a nodal officer to handle SIT information requests promptly.
Action required: Review internal record-keeping systems to ensure quick retrieval of documents.
Action required: Train staff on compliance procedures for responding to SIT queries.
Action required: Maintain a log of all SIT requests and responses for audit purposes.
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 03 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=8957&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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