Deposit limits for Nidhis adjusted; incremental acceptance allowed, branch expansion restricted and governance rotation clarified. Amendments regulate Nidhis by permitting a limited annual incremental acceptance of deposits for larger Nidhis during a ten year transitional period, disallowing acceptance of deposits for periods under six months except specified savings accounts for loan servicing, and imposing branch limits with grandfathering and a ten year requirement to reduce branch numbers to prescribed maxima, together with adjusted director retirement sequencing to stagger vacancies across consecutive annual general meetings.
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Deposit limits for Nidhis adjusted; incremental acceptance allowed, branch expansion restricted and governance rotation clarified.
Amendments regulate Nidhis by permitting a limited annual incremental acceptance of deposits for larger Nidhis during a ten year transitional period, disallowing acceptance of deposits for periods under six months except specified savings accounts for loan servicing, and imposing branch limits with grandfathering and a ten year requirement to reduce branch numbers to prescribed maxima, together with adjusted director retirement sequencing to stagger vacancies across consecutive annual general meetings.
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