RBI/2007-2008/305
RPCD.CO.RF.No. BC.63 /07.02.01/2007-08 April 29, 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/ 288 (RPCD.CO.RF.BC.No.59 / 07.02.01/ 2007-08) dated April 21, 2008 on the captioned subject. As set out in the Governor's Annual Policy statement for the year 2008-09 issued on April 29, 2008, on a review of evolving liquidity situation, it has been decided to increase Cash Reserve Ratio (CRR) for scheduled state co-operative banks from 8.00 per cent to 8.25 per cent of their net demand and time liabilities with effect from the fortnight beginning May 24, 2008. A copy of the relative notification RPCD.CO.RF.No. 62/07.02.01/2007-08 dated April 29, 2008 is enclosed. Please acknowledge receipt to our Regional Office concerned. Yours faithfully (G. Srinivasan)
Chief General Manager in-charge
RPCD.CO.RF.No.BC. 62 /07.02.01/2007-2008 April 29, 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.No.58/07.02.01/2007-08 dated April 21, 2008, 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 be 8.25 per cent of its net demand and time liabilities from the fortnight beginning from May 24, 2008. (V.S.Das)
Executive Director |
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