The Reserve Bank of India (RBI) announced on Monday that District Central Co-operative Banks are now permitted to close un-remunerative branches without requiring prior permission from the central bank. However, approval will be necessary from the Registrar of Cooperative Societies in the respective state. The RBI clarified that the decision to close such branches should be made by the Board, considering all relevant factors, and this decision should be appropriately documented in the minutes of the Board meeting, as stated in a circular.
