RBI/2007-2008/174
RPCD.CO.RF.BC.No.34/07.02.01/2007-08 October
30, 2007 All Scheduled
State Co-operative Banks
Dear Sir,
Section
42(1) of Reserve Bank of India Act, 1934-Maintenance of Cash Reserve Ratio (CRR) Please
refer to our Circular RBI/2007-2008/108
RPCD.CO.RF.BC.No.15/ 07.02.01/2007-08 dated August 1, 2007 on the captioned
subject. On a review of the current liquidity situation, it has been decided to
increase cash reserve ratio (CRR) of Scheduled State Co-operative Banks by 50
basis points to 7.50 per cent of their demand and time liabilities with effect
from the fortnight beginning November 10, 2007. 2.
A copy of the relative notification RPCD.CO.RF.BC.No.33/07.02.01/2007-08
dated October 30, 2007 is enclosed. 3.
Please acknowledge receipt to our Regional Office concerned. Yours
faithfully,
(K.Bhattacharya)
General
Manager
RPCD.CO.RF.BC.No.33/07.02.01/2007-08
October
30, 2007 NOTIFICATION In
exercise of the powers conferred under the amended sub-section (1) of Section
42 of the Reserve Bank of India Act, 1934 and in partial modification of the notification
RPCD.CO.RF.BC.No.14/07.02.01/2007-08 dated August 1, 2007, the Reserve Bank of
India hereby notifies that every Scheduled State Co-operative bank should maintain
a Cash Reserve Ratio of 7.50 per cent of its demand and time liabilities from
the fortnight beginning November 10, 2007. (V.S.Das)
Executive Director |
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