RBI liberalises branch authorization policy

19 May 2017 Evaluate

The Reserve Bank of India (RBI) has liberalised branch authorization policy, removing the restriction on presence in tier-I centres, simplifying the regulations and obviating the need to give the lists of underbanked districts/underbanked states. It has also widened the role of bank boards in order to make them responsible for complying with the new norms, which was earlier limited to approving annual branch expansion plan.

Restrictions on opening branches of banking in Tier 1 centres has been removed in a bid to take banking services to the remote locations of the country, which was earlier linked to the number of branches opened in the unbanked areas. In addition, it has mandated that 25 per cent of the total number of 'banking outlets' opened during a financial year should be located in unbanked rural centres.

In the revised guidelines, RBI also changed the definition of what constitutes a branch. With the expansion in definition of a branch, RBI has allowed all extension counters, satellite offices, part-shifted branches, ultra small branches and specialized branches, to be treated as ‘banking outlets’ or ‘part-time banking outlets’. However, ATMs, E-lobbies, bunch note acceptor machines, cash deposit machines, e- kiosks and mobile branches will fall outside the purview of ‘banking outlets’. This is a shift from the earlier definition of a ‘branch’ which also included off-site ATMs. The central bank also came out with minimum qualifications for the chief financial officers (CFOs) and chief technology officers (CTOs). A CTO should be an engineering graduate, or hold a Masters in Computer Applications (MCA) or equivalent qualification with a 15-year experience in banking information technology-related projects.

The proposal to rationalise the branch authorization policy was introduced under former RBI governor Raghuram Rajan in the April 2016 monetary policy. With a view to facilitating financial inclusion and providing flexibility on the choice of delivery channel, it is proposed to redefine branches and permissible methods of outreach, keeping in mind the various attributes of the banks and the types of services that are sought to be provided.

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