Social News XYZ     

RBI fixes coop banks’ daily reporting system post PMC fraud

RBI fixes coop banks' daily reporting system post PMC fraud

Mumbai, Oct 12 (SocialNews.XYZ) The Reserve Bank of India on Friday has changed the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Cooperative Bank following the unearthing of over Rs 4,000 crore fraud there.

In a circular addressed to chief executives of all cooperative banks, the RBI has asked them to replace the existing system of email-based reporting at the branches to a web-based central system. This will make use of RBI's Central Information System for Banking Infrastructure (CISBI) which is an online portal that presently allots Basic Statistical Return (BSR) code to branches and offices of all banks.

These instructions are being issued in supercession of all the instructions issued on the subject so far, it said,

 

"Consistent with the needs of branch licensing and financial inclusion policies as well as the need for requisite coverage of additional dimensions/features, a new reporting system -- Central Information System for Banking Infrastructure, has been web-deployed to replace the legacy MOF system," the central bank notification said.

These banks have been given a period of a month to notify the regulators of the extent of compliance. Under the new system, all cooperative banks are required to submit their information in a single proforma online on the CISBI portal, as compared with the earlier system of submitting separate documents with information about daily business activity at the bank through e-mail, according to the RBI notification.

"All cooperative banks should submit immediately and in any case not later than one week, the information relating to opening, closure, merger, shifting and conversion of bank branches/offices/Non Administratively Independent Offices (NAIOs)/Customer Service Points (CSPs) online through CISBI portal," the RBI said.

"After the initial submission of information on CISBI portal, a one-time confirmation stating that Correct and updated Bank-level information has been submitted on CISB' shall be sent by banks to the concerned Regional Office of Department of Co-operative Bank Supervision within one month of issuance of this circular."

On September 26, the Reserve Bank had placed a withdrawal limit of Rs 10,000 per six months on all deposits held at the bank. This was subsequently increased the withdrawal limits to Rs 25,000 after opposition from the depositors.

The central bank has already migrated all the past information of these lenders to CISBI, it said. They have also provided the nodal officers at these banks the login credentials using which they can access the new system.

Source: IANS

Facebook Comments
RBI fixes coop banks' daily reporting system post PMC fraud

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

Advertisements

you're currently offline

%d bloggers like this: