Urban cooperative bank license applicants need a minimum Rs 300 crore of capital and Rs 10000 crore of deposits, says RBI
The Reserve Bank of India is resuming urban cooperative bank licenses after two decades. Eligible credit societies need a minimum capital of Rs 300 crore and Rs 10,000 crore deposits. Applicants must show positive financial trends and sound credentials over five years. Societies with over ten years of existence and multi-state presence are eligible. The central bank will assess the fit and proper status of directors before approval.
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