Financial Daily from THE HINDU group of publications
Wednesday, Jan 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jan 14, 2004 |
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Co-operatives Money & Banking - RBI & Other Central Banks Markets - Stocks RBI raises margin on UCBs' advances on shares to 50 pc Our Bureau
Mumbai , Jan. 13 THE Reserve Bank of India (RBI) has raised the margin on Urban Co-operative Banks (UCBs) advances against shares to 50 per cent from the earlier margin limit of 40 per cent. The margin of 50 per cent will apply to all fresh advances against shares/debentures. The existing advances issued may continue at the earlier margin until they come up for renewal, according to an RBI circular issued to UCBs here today. Earlier, UCBs were permitted to grant loans only to individuals against primary/collateral security of shares/debentures up to a limit of Rs 5 lakh if the security is in physical form, and up to Rs10 lakh if the security is in demat form.
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