Admin offices sans RBI nod

Banks need not seek permission of RBI to open administrative offices in large cities (Tier-I), the central bank said on Tuesday. Currently, banks (excluding RRBs) are permitted to open branches in Tier-II to Tier-VI centres (with population less than 100,000) and in rural, semi-urban and urban centres in north-eastern states and Sikkim without seeking its permission.

In its second quarter Monetary Policy 2012-13 in mid-October, RBI had proposed to permit banks to open offices in Tier-I centres as well. Banks are required to formulate guidelines for acquiring premises on lease or rental basis.

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