RBI/2007-2008/307
Ref: UBD (PCB).No./5 /12.03.000/2007-08
April 30, 2008
The Chief Executive Officers of
All Scheduled Primary (Urban) 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 2007-2008/293 UBD (PCB) Cir. No.4/12.03.000/2007-08 dated April 22, 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 Primary (Urban) 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.
2. A copy of the relevant notification UBD (PCB) No./12/12.03.000/2007-08 dated April 30, 2008 is enclosed.
3. Please acknowledge receipt.
Yours faithfully,
(A.K.Khound)
Chief General Manager in-Charge
UBD(PCB)No/ 12 /12.03.000/2007-08
April 30, 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 UBD(PCB)No.11/12.03.000/2007-08 dated April 22, 2008, the Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled Primary (Urban) 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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