Amendment of Certain Provisions of the Manual of Regulations for Banks and Non-Bank Financial Institutions

February 7, 2014BSP CIRCULAR NO. 825-14SUBJECT : Amendment of Certain Provisions of the Manual of Regulations for Banks and Non-Bank Financial InstitutionsPursuant to Monetary Board Resolution No. 2131 dated 19 December 2013, the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), respectively, are hereby amended to read as follows: SECTION 1. §X151.6. Establishment of Other Banking Offices. — . . .xxx xxx xxx3. Undertaking signed by the president of the bank or officer of equivalent rank that said other banking office shall not accept deposits and/or service withdrawals thru tellers or other authorized personnel.OBOs may be established only in areas where the bank is allowed to establish branches as provided under Subsec. X151.4 on branching guidelines.xxx xxx xxxSECTION 2. Deletion of Sections 2205 (Check Clearing Rules for Thrift Banks Authorized to Accept Demand Deposit) and 3205 (Check Clearing Rules for Rural Banks who are Members of the Philippine Clearing House Corporation) of the MORB. EcASICSECTION 3. 4254Q Composition of Reserves. —xxx xxx xxxb. Transitory provisions. . . .xxx...