question_answer

Primary (Urban) Co-operative Banks (UCBs) have been permitted to close unremunerative branches/extension counters without the Reserve Bank's prior permission provided

A)  the bank has not been placed under any directions under Section 35A of the Banking Regulation Act, 1949.

B)  the bank's board should take the decision of closing down the extension counter/branch and the decision should be properly minuted in the official record of proceedings of the Board Meeting.

C)  the bank should give proper notice to all existing depositors/clients of the branch through a press release in local leading newspapers as also through a circular to each constituent of the branch, well in advance of the closure of the branch.

D)  All of the above

E)  None of these