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RBI allows RRBs to open branches in Tier 2 cities without its nod

RRBs will be allowed to open branches in Tier 2 centres, with population of 50,000 to 99,999 as per census 2001, subject to certain conditions but without RBI's permission

 
Mumbai: The Reserve Bank of India (RBI) allowed regional rural banks (RRBs) to open branches in Tier-II cities without taking its permission, reports PTI.
 
"In order to enhance the penetration of banking services in Tier 2 centres, it has been decided to allow RRBs to open branches without having the need to take permission from Reserve Bank of India in each case," the apex bank said in a notification.
 
Accordingly, RRBs will be allowed to open branches in Tier 2 centres (with population of 50,000 to 99,999 as per census 2001) subject to certain conditions, it said.
 
Similar provisions are applicable for opening branches in Tier 3-6 centres.
 
Regional rural banks with capital adequacy ratio of 9% and net non-performing assets of less than 5% and net profit in the last financial year would be allowed to open branches in such cities on automatic route basis.
 
However, RRBs are required to take RBI's permission for opening of branches in Tier 1 centres (with population of 100,000 and above as per census 2001).
 

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Vijender moves into Olympics quarterfinals

The 26-year-old Indian boxer, a bronze-medallist from the Beijing Olympic Games, is just one win away from being assured of another medal at the London Olympic

 
London: Star Indian boxer Vijender Singh inched closer to an unprecedented second successive Olympic medal by entering the middleweight (75kg) quarterfinals with a thrilling one-point triumph over American Terrell Gausha at the ExCel Arena, reports PTI.
 
The 26-year-old Indian, a bronze-medallist from the Beijing Olympic Games, is just one win away from being assured of another medal at the big event after he scraped past Gausha with a 16-15 verdict in a thrilling contest of skill and strategy.
 
"I admit I was very excited but I felt I had the measure of him and just needed to be prudent in the final round to ensure I got through," Vijender said after the bout.
 
Spurred on by a vociferous crowd which kept chanting 'India, India', Vijender took a slender one-point lead after the first round which ultimately proved decisive.
 
In the second round, Vijender allowed his opponent to come back a little bit as he let his guard down and though he landed a few punches, it was not enough to give him a clear lead. As a result, the second round ended with a 5-5 scoreline.
 
Vijender adopted a more attacking strategy in the third and final round but the American was equal to the task as he fended off the punches deftly and counter-attacked fiercely.
 
As the two boxers waited for the result, the crowd kept cheering for Vijender and a roar erupted in the stadium when he was declared the winner.
 
"The coaches were saying calm down, calm down otherwise you will blow the fight," Vijender said.
 
"Everyone is tuning in to their TV's in India and watching me. It is a great honour but also puts on me a huge duty to reward their faith that they placed in me."
 
Vijender, a former world number one, will now take on Abbos Atoev of Uzbekistan in the quarter finals. Atoev prevailed over Bogdan Juratoni of Russia 12-10 in the pre-quarter finals.
 
The Indian starts a clear favourite against the Uzbek as Vijender had blanked him 7-0 in the 2010 Asian Games final, that too with an injured hand.
 

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