This is with reference to Reserve Bank of India (RBI) directive Ref. No. CO.DOS.SED.No.D-01/12-22-350/2024-2025 dated February 13, 2025 and NPCI Communication received with respect of restriction placed on New India Co-operative Bank (NICB). Further, NPCI has informed us that as per the directions of RBI all the transactions of the concerned bank are suspended by NPCI. This will remain so till further notice of revocation is issued by RBI.
All MFDs/MFIs/RIAs are hereby informed that due to restriction placed by RBI, the mandates pertaining to New India Co-operative Bank (NICB) bank shall be in rejection state on BSE StAR MF Platform till further notice. Due to this, all the XSIP registrations which are linked to mandate of New India Co-operative Bank (NICB) shall have the status as SUSPENDED. Members have the option to shift these XSIP Registrations to any other Banks approved NACH mandate of respective client. Further, post three consecutive order triggers during the suspension period, the XSIP registration will be auto cancelled by the system.
For shifting process, kindly refer BSE Notice No. 20190129-40 on ‘New Features Added in XSIP registration’ dated January 29, 2019.
Ketan Jantre Mahesh Tare
Head - Trading Operations Manager – Mutual Funds |