Investments in Market Infrastructure Companies

Investments in Market Infrastructure Companies
by State/Central Cooperative Banks

Please refer to our circulars RPCD CO RF BC 65/07.02.03/2003-04 dated February 23, 2004 and RPCD CO RF BC 26/07.02.03/2005-06 dated August 04, 2005 in terms of which guidelines were issued to State Cooperative Banks/Central Cooperative Banks (StCBs/CCBs) for investment in Non-SLR securities.

2. On a review of the guidelines, it has been decided to permit investment in shares of Market Infrastructure Companies (MICs) as under:

1. Investments made by StCBs/CCBs in MICs will be reckoned as Non-SLR investments;
2. StCBs/CCBs are allowed to exceed the limit for investments in Non-SLR securities, if it becomes necessary to do so for acquiring membership of MICs;
3. The MICs eligible for such investments by StCBs/CCBs are Clearing Corporation of India Ltd. (CCIL), National Payments Corporation of India (NPCI) and Society for World Wide Inter-Bank Financial Tele-Communication (SWIFT). The list of eligible MICs will be updated from time to time by the Reserve Bank of India.

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