DBOD.Ret.BC.No. 79 /12.01.001/2002-2003 March 7, 2003
Phalguna 16, 1924 (Saka) To All Scheduled Commercial Banks
(Excluding RRBs & LABs) Dear Sir, Section 42 of the RBI Act, 1934 -Payment of interest on eligible CRR balances on monthly basis - Revision in the format for submission of interest claim - Introduction of New software for Form A Please refer to Para 63 of the Mid Term Review of Monetary and Credit Policy for the year 2002-03 and our Circular DBOD.BC.No.46/12.01.001/2002-03 dated December 9, 2002 regarding payment of interest on monthly basis. We advise that payment of interest on eligible CRR balances would be made by Reserve Bank to Scheduled Commercial Banks on monthly basis with effect from April 2003 and the first such payment for the reporting fortnights ending in the month of April 2003 viz. 4/4/2003 and 18/4/2003 will be made in the month of May 2003. 2. In this connection, a reference is invited to our Circular letter DBOD.No.BC 131/12.01.001/ 1999-2000 dated December 28, 1999 forwarding therewith the new format for the quarterly interest claim statement. Since the procedure for calculation of CRR has undergone certain changes from time to time, it has been decided to make suitable modifications in the existing interest claim statement format as indicated below. (i) Columns No.14 & 15 (relevant for the period 1-12-1999 to 31-01-2000 as indicated in Para 1( iv ) of our circular dated December 28, 1999 ibid) have been omitted. (ii) As Liabilities to the Banking System (Net) and credit balance under ACU Dollar accounts are presently covered under Liabilities under Zero Reserve prescription, the remarks against footnote + + have been suitably amended. 3. Accordingly, we enclose the revised format in which Scheduled Commercial Banks are required to submit their claim for payment of interest on eligible CRR balances for the month of April 2003 (to be submitted in the month of May 2003). The enclosed new format is to be used for subsequent months also. 4. You may also ensure that the interest claim statements are signed only by those officials whose specimen signatures are on our record. In case of change in incumbency, the signature/s of such official/s should be immediately registered with us. 5. Further in terms of our Circular No DBOD.CO.Ret.BC.57/12.05.005/2002-03 dated 11th January 2003 banks were advised to send a soft copy of Final Form 'A' returns to the Returns Section, Central Office of this Department along with an authenticated hard copy. It is observed that banks have not been adhering to our requirements in this regard leading to avoidable inconveniences. It is, therefore, clarified that the proposed system of submission of forms/returns to DBOD CO would be as under: - Form/Return | Type of Copy | To be sent in | Form A Final (New Software) | Soft Copy | Text File (To be forwarded either through floppy or at our e-mail ID returnsco@rbi.org.in | Form A Final (Old Software) | Authenticated Hard Copy | Old Format |
6. The present system of submitting the Form A returns (provisional and final) to Regional Offices in old as well as in the new software may please be continued as hitherto. Please acknowledge receipt. Yours faithfully, Sd- ( R.C. Mittal )
General Manager Encls. As above DBOD. Ret. No. 926 /12.01.001/2002-2003 of date. Copy forwarded for information and necessary action to : - The Deputy General Manager, Department of Banking Operations and Development, Reserve Bank of India, All Regional Offices,
- The General Manager, Department of Banking Supervision, Reserve Bank of India, All Regional Offices,
- The Chief General Manager-in-Charge, Department of Banking Supervision, Reserve Bank of India, Central Office, Mumbai,
- The Principal Adviser, Department of Statistical Analysis & Computer Services, Reserve Bank of India, Central Office, Mumbai,
- The Officer-in-Charge, Department of Economic Analysis & Policy, Reserve Bank of India, Central Office, Mumbai,
- The Adviser-in-Charge, Monetary Policy Department, Reserve Bank of India, Central Office, Mumbai,
- The Regional Director, Reserve Bank of India, All Deposit Accounts Department
(D.D. Borwankar)
Assistant General Manager Name of the bank---------------------------------------------------------- | Col. No. 3 to 14, 000 omitted and Col. No. 15 should be in actual up to two decimals | Statement showing the amount of interest payable on eligible cash balances maintained with RBI for the month of ---------------------------- |
( Amount in Rupees) Sr. No. | Date of reporting Friday i. e last Friday of Second preceding fortnight | Amount outstanding under liabilities to banking system ( Net) Clause ( d) of explanation to Sec.42(1) of RBI Act 1934 ( Second preceding fortnight ) | Amount of DTL
i.e. I-III+II (if I-III is + ve) or only II (if I-III is –ve)
(Second preceding fortnight) | Net Liabilities on dates indicated in Col..No.(2) excluding liabilities under zero reserve prescription categories.++ (Second preceding Fortnight) | Rate Of CRR | Amount of average daily balances required to be maintained for the purpose of Section 42(1) of RBI Act,1934 | Amount of incremental CRR required to be maintained under Sec 42(1A) of RBI Act ,1934 | The amount of minimum 3% (Statutory) CRR required to be maintained by the bank | Amount of average Balances
--------------------
(aggragate) | Amount of average daily balances (ADB) eligible for interest @ Bank Rate p.a. (Col. No.12 less Col.No.11) | Amount of interest payable
@ Bank Rate p.a. on CRR balances as per Col.No.14 | | | | | | | | Fortnight beginning | Fortnight
ended | Amount on the basis of Col. No. 5 ( for all the reporting
fortnight ) | Over the NDTL as of 5.8.94/ 30.9.94 * | On the basis of Col .No.4 | Required to be maintained under Sec.42 (1) & under Sec. 42 (1A) of the RBI Act 1934. Total of Col. Nos. ( 9+ 10) as applicable | Actually
maintained with RBI for the purpose of CRR under Sec. 42 (1) & Sec. 42(1A) of RBI Act 1934 | | | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
We hereby certify that the information furnished above is correct. Our Bank has/has not # complied with CRR requirement for all the fortnights of the month and has/has not # defaulted in the maintenance of CRR during the month. In case of the default detected subsequently, we undertake to refund the excess amount along with such interest as may be levied by Reserve Bank of India within a week from date of demand, failing which we authorize Reserve Bank of India to debit our account with them for alike amount. Place | SIGNATURE | Date | NAME | | | DESIGNATION | | | SEAL OF THE BANK |
In case there is default / shortfall in maintenance of CRR in any of the fortnights please indicate reasons therefor.
:++Liabilities under zero reserve prescription:–Liabilities to banking system (Net) & Credit balance in ACU Dollar account
# Strike out which is not applicable under the signature of authorized signatory.
Please leave sufficient space between two Sr. Nos. | |