UCB can set up off-site ATMs

UCB can set up off-site ATMs

Reserve Bank of India (RBI), on Tuesday, said it would allow well managed Urban Cooperative Banks (UCBs) to set up off-site ATMs without seeking its approval through the annual business plans, selectively.  
The move is to help UCBs — Tier I and Tier II banks to set up off-site ATMs.  Accordingly, Tier I banks having deposits below Rs 100 crore operating in a single district.
Tier II banks with deposits below Rs 100 crore operating in more than one district will be treated as Tier I provided the branches are in contiguous districts, while deposits and advances of branches in one district separately constitute at least 95 per cent of the total deposits and advances respectively.