RBI on January 1 said it has decided to increase the bulk deposit limit for Scheduled Primary (Urban) Co-operative Banks in Tier 3 and 4 cities to Rs 1 crore and above.
The Reserve Bank of India (RBI) on January 1 said it has decided to increase the bulk deposit limit for Scheduled Primary (Urban) Co-operative Banks in Tier 3 and 4 cities to Rs 1 crore and above. “After review, it has been decided to increase the bulk deposit limit for Scheduled Primary (Urban) Cooperative Banks in Tier 3 and 4 to Rs 1 crore and above,” IBI said in a release.
RBI said that for urban co-operative banks not located in Tier 3 and 4 cities, the bulk deposit limit will be Rs 15 lakh and above.
what is the purpose
According to RBI, the purpose of this change is to address the specific needs of the banking environment in the urban tier. Whereas the focus is on tier 3 and 4 cities. RBI has determined that the bulk deposit limit will now be Rs 15 lakh and above.
This announcement was made in an official release by the RBI on January 1 and is already being seen as a significant development in the banking sector. The change in deposit limits is part of the central bank’s ongoing efforts to review and adapt banking regulations in line with the evolving financial landscape.
