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Reserve Bank of India (RBI) allows banks to shift, merge or close branches in urban areas
Reserve Bank of India (RBI) has permitted banks to shift, merge or close branches in urban areas only except rural area, at their self determination. In Mumbai yesterday notification issued, RBI said the move will allow banks greater operational freedom. The central bank said that customers of the branch should be informed well in time before actual shifting, merger or closure of the office.
The banks should ensure that they continue to fulfill the role entrusted to these branches under the government sponsored programmes and Direct Benefit Transfer Schemes. RBI further said that shifting, merger, or closure of any rural branch as well as a sole semi urban branch would require approval of the District Consultative Committee or District Level Review Committee.
However, banking activity, that is deposit or loan business should not be maintained at both places, and the new location for part shifting would have to be within 1 km of the existing location.
RBI has further allowed banks to shift some activities of a branch in any centre due to space or rent constraints without seeking prior approval of RBI
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