Financial Daily from THE HINDU group of publications
Friday, Feb 13, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 13, 2004 |
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Money & Banking
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Co-operatives RBI fiat to urban co-ops on SGLs Our Bureau
Mumbai , Feb. 12 THE Reserve Bank of India has firmly asked urban co-operative banks to stop maintaining constituent subsidiary general ledger accounts of other urban co-operative banks. These accounts are maintained in order to trade in gilts. bonds. In a circular addressed to the chiefs of all urban co-operative banks (UCBs) the central bank hasasked them to close the constituent SGL accounts of other UCBs and transfer the same to authorised bodies such as scheduled commercial banks, primary dealers and others.
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