Corporation Bank authorised as Primary Dealer

Mumbai, Mar 30 (UNI) Corporation Bank has been authorised to undertake Primary Dealer business with effect from April 02, 2007 and, concurrently, the authorisation given to CorpBank Securities Limited, as Primary Dealer, stands withdrawn.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 2005-06 that the permitted structure of Primary Dealership business would be expanded to include banks, which fulfill certain minimum eligibility criteria.

Accordingly, the RBI had issued guidelines on February 27, 2006 addressed to all the Scheduled Commercial Banks (excluding RRBs), on eligibility conditions for undertaking Primary Dealership business departmentally.

UNI