RBI/2007-2008/288
RPCD.CO.RF.BC.No.59/07.02.01/2007-08 April 21, 2008 All Scheduled State Co-operative Banks Dear Sir, Section 42(1) of Reserve Bank of India Act, 1934-Maintenance of CRR Please refer to our Circular RBI/2007-2008/174 RPCD.CO.RF.BC.No.34/ 07.02.01/2007-08 dated October 30, 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 one-half of one percentage point of their Net Demand and Time Liabilities in two stages, effective from the fortnights as indicated below: | Effective date
(i.e., the fortnight beginning from) | CRR on net demand and
time liabilities (per cent) | | April 26,2008 | 7.75 | | May 10, 2008 | 8.00 |
2. A copy of the relative notification RPCD.CO.RF.BC.NO.58/ 07.02.01/2007-08 dated April 21, 2008 is enclosed. 3. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (G. Srinivasan)
Chief General Manager
RPCD.CO.RF.BC.No.58/07.02.01/2007-08 April 21, 2008 NOTIFICATION In exercise of the powers conferred under the sub-section (1) of Section 42 of the Reserve Bank of India Act, 1934 and in partial modification of its notification RPCD.CO.RF.BC.No.33/07.02.01/2007-08 dated October 30, 2007, the Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled State Co-operative Bank shall, from effective dates mentioned below, be at the percentage points as indicated thereagainst. | Effective date
(i.e., the fortnight beginning from) | CRR on net demand and
time liabilities (per cent) | | April 26, 2008 | 7.75 | | May 10, 2008 | 8.00 | (V.S.Das)
Executive Director |
|