RBI Circular - First Bi-monthly Monetary Policy Statement 2015-16 – Issue of Credit Cards by Scheduled Urban Cooperative Banks

RBI/2014-15/577
DCBR.CO.BPD.(SCB).No.1/13.05.000/2014-15

April 30, 2015

The Chief Executive Officers of
All Scheduled Primary (Urban) Co-operative Banks

Dear Sir/Madam,

First Bi-monthly Monetary Policy Statement 2015-16 – Issue of Credit Cards by Scheduled Urban Cooperative Banks

Please refer to para 26 of First Bi-monthly Monetary Policy Statement 2015-16 (extract appended) by Reserve Bank of India on April 07, 2015 on the captioned subject.

2. With a view to enlarging the scope of Urban Cooperative Banks to expand their business and serve their customers, it has been decided to allow Financially Sound and Well Managed(FSWM) Scheduled Urban Cooperative Banks which are CBS enabled and having minimum net-worth of ₹ 100 crore to issue Credit Cards in affiliation with entities authorized by Department of Payment and Settlement Systems, Central Office.

3. Urban Cooperative Banks fulfilling the above criteria and desirous of issuing credit cards may submit their application to the respective Regional Office with a copy of Board resolution to that effect. The eligibility criteria will be assessed based on the findings of the last inspection.

4. The detailed guidelines in this regard is given in Annex.

Yours faithfully,

(Suma Varma)
Principal Chief General Manager

Encl : As above

Extract from the First Bi-Monthly Policy Statement 2015-16

26. With a view to enlarging the scope of urban co-operative banks for expanding their business, it has been decided to allow financially sound and well managed (FSWM) scheduled urban co-operative banks, which are CBS-enabled and having minimum net worth of ₹ 100 crore, to issue credit cards. Detailed guidelines in this regard will be issued separately.