RBI sets cap for donations by UCBs at 1% of previous profit

RBI sets cap for donations by UCBs at 1% of previous profit: "MUMBAI, APRIL 11: The Reserve Bank of India on Monday said that normal donations made during a year by an urban co-operative bank (UCB) should, in aggregate, be restricted to a maximum of 1% of the published profits of the bank for the previous year. This ceiling on donations/ contributions for public/ charitable purposes has been imposed by the RBI as it has come across instances of large donations being made by UCBs, which adversely affects the interest of depositors"