RBI authorises HDFC Bank Limited and Corporation Bank as Primary Dealer

HDFC Bank Limited has been authorised to undertake Primary Dealer business with effect from Monday, April 02, 2007.

Corporation Bank has been authorised to undertake Primary Dealer business with effect from Monday, April 02, 2007 and, concurrently, the authorisation given to CorpBank Securities Limited, as Primary Dealer, stands withdrawn.

The Reserve Bank of India had announced in its Annual Policy Statement for the year 2005-06 that the permitted structure of Primary Dealership business would be expanded to include banks, which fulfill certain minimum eligibility criteria. Accordingly, Reserve Bank of India had issued guidelines on February 27, 2006 addressed to all Scheduled Commercial Banks (excluding RRBs), on eligibility conditions for undertaking Primary Dealership business departmentally.

Source : Equity Bulls

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