Co-op banks can set up POS machines: RBI

The Reserve Bank of India has said that co-operative banks in India will now be permitted to deploy their own and third-party POS terminals, according to Medianama.

However, the RBI placed some requirements for co-operative banks to deploy their own terminals.

They need to have a minimum net worth of Rs 25 crore with gross non-performing assets (NPAs) less than 7% and net NPAs than 3% in the preceding financial year.

The RBI also said that there should not be any default in maintaining cash reserve ratio (CRR) and statutory liquidity requirements (SLR) in the preceding financial year.

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Comment ( 1 )

  1. bhavurao kulkarni

    Sir Very supportive move by RBI.

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