UCBs spared from informing RBI about MD’s appointment

 The Reserve Bank of India (RBI) has exempted Urban Cooperative Banks (UCBs) with deposit size of less than Rs 100 crore from the requirement of seeking its prior approval for appointment, re-appointment or termination of appointment of Managing Director (MD) or Whole-Time Director (WTD). However, these UCBs are required to formulate a board approved policy based on other provisions concerning appointment, re-appointment and termination of appointment of MD or WTD. Also, they are required to intimate about such appointments, re-appointments and termination of appointment of MD or WTD to the respective regional offices (Department of Supervision, Central Office, in case of UCBs under jurisdiction of Mumbai office) of the RBI.