Maintenance of Cash Reserve Ratio (CRR) on Exempted Categories

Information Type: Legislative Information
Subject: Financial Law
File No: RBI/2006-2007/340 RPCD.CO.RF.BC.No.77/07.02.01/2006-07
Ministry: Researve Bank of India
Tradenotice No: No.77/07.02.01/2006-07
Trade Notice Date: 2007-04-24
Trade Notice Laws: Financial Law
Industry: Researve Bank of India
Trade Notice State: Central
Case Note / Description :

Please refer to our Circular RBI/2006-2007/277 RPCD.RF.BC.56/07.02.01/2006-07 dated March 02, 2007 on the captioned subject. Consequent upon the notification of Section 3 of the Reserve Bank of India (Amendment) Act, 2006 coming into force with effect from April 01,2007, the statutory minimum CRR requirement of 3 per cent of total demand and time liabilities no longer exists. It has been decided to modify the above circular accordingly, with effect from April 01, 2007. Therefore, every Scheduled State Co-operative Bank shall be exempted from maintaining average CRR with effect from April 01, 2007 on the following liabilities as computed under Section 42 (1) of the Reserve Bank of India Act, 1934.

 
 
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