Reserve Bank of India (RBI) on 19 September 2013 announced that banks can open their branches in tier 1 centers without taking its permission in each case .But RBI imposed some conditions to open branches. According to 2011 census Tier I center are those with population above 1 lakh.
Conditions Imposed by Reserve Bank of India (RBI)
RBI passed the guidelines under following conditions:
• Banks should open 25 percent of their branches in a financial year in Un-banked tier-V and tier-VI centers as earlier.
• Total number of branches in tier –I center’s can’t exceed the number of branches opened in tier-2 to tier-6 centers during a year.
• If the banks are unable to open all tier – 1 branches during that year, they can carry it over for next two years
• If the banks unable to open requisite branches in tier- II to tier- VI centers for some reason, it should necessary rectify the shortfall in the next financial year.
RBI liberalised norms for banks to open branches in Tier I cities
Reserve Bank of India (RBI) on 19 September 2013 announced that banks can open their branches in tier 1 centers without taking its permission in each case.
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