| RBI/2007-2008/384
RPCD.CO.RF.BC.No. 83/07.02.01/2007-08 June 26, 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 RPCD.CO.RF.No.BC.63/07.02.01/2007-08 dated April 29, 2008 on the captioned subject. On a review of current global and domestic macroeconomic and financial developments, it has been decided to increase Cash Reserve Ratio (CRR) of Scheduled State Co-operative Banks by 50 basis points to 8.75 per cent of its net demand and time liabilities in two stages, effective from fortnights as indicated below: Effective date (i.e., the
fortnight beginning from) | CRR on net demand and
timeliabilities (per cent) | July 5, 2008 | 8.50 | July 19, 2008 | 8.75 | 2. A copy of the relative notification RPCD.CO.RF.BC.NO.82/ 07.02.01/2007-08 dated June 26, 2008 is enclosed. 3. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (G. Srinivasan)
Chief General Manager-in-Charge
RPCD.CO.RF.BC.No. 82 /07.02.01/2007-08 June 26, 2008 NOTIFICATION In exercise of the powers conferred under 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.BC.62/07.02.01/2007-08 dated April 29, 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 of its net demand and time liabilities 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) | July 5, 2008 | 8.50 | July 19, 2008 | 8.75 | (V.S.Das)
Executive Director | |