Notifications

(5 kb)
Section 42(1) of the Reserve Bank of India Act,1934-
Maintenance of Cash Reserve Ratio(CRR)-
Changes in Daily Minimum CRR Maintenance Requirement

RF.BC 35 /07.02.01/2002-03

October 29, 2002
Kartika 07, 1924(Saka)

All Scheduled State Co-operative Banks/All Regional Rural Banks

Dear Sir,

Please refer to our circular RPCD.No.RF.BC.75/07.02.01 dated April 19, 2001 advising that the daily minimum requirement of CRR balances to be held by all Scheduled State Co-operative Banks and Regional Rural Banks will be 50 per cent of the required CRR balances for the first seven days of the reporting fortnight and a minimum of 65 per cent of the required CRR balances for the rest of the fortnight.

2. It has now been decided that all Scheduled State Co-operative Banks and Regional Rural Banks have to maintain a minimum of 80 per cent of required CRR amount on a daily basis during a fortnight with effect from the fortnight beginning November 16, 2002. The minimum level of 80 per cent would be applicable for all the days in a reporting fortnight.

3. The other stipulations regarding CRR remain unchanged.

4. Please bring the contents of this circular to the notice of your Board.

5. Please acknowledge receipt to our Regional Office.

Yours faithfully,

Sd/-

(Vani J. Sharma)
Chief General Manager


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