RBI issues circular on bank branch licensing
By Similarly, the circular, | 29 Nov 2003
Similarly, the circular, which consolidated all the existing instructions related to branch licensing, also asked the foreign banks to seek prior permission before closing down any branches in India. Sometimes, such closure of branches caused inconvenience to the customers at a place where bank branches are not in adequate numbers.
While
the circular states that banks should obtain prior approval
of their board and committee of directors before opening,
shifting or closing of offices or branches, closure of
rural branches would require the prior permission of the
RBI.
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