RPCD.CO.RF.BC.No.74
/07.02.01/2006-07
April
24, 2007
NOTIFICATION
Consequent
upon the notification of Section 3 of the Reserve Bank of India (Amendment) Act,
2006, the amendment carried out to sub-section (1) of Section 42 of the Reserve
Bank of India Act, 1934 (2 of 1934) has come into force with effect from April
01, 2007. Accordingly, the minimum Cash Reserve Ratio (CRR) requirement
of 3 per cent of the total demand and time liabilities no longer exists in respect
of Scheduled State Co-operative Banks with effect from April 01, 2007. It has
been decided to modify the operation of Notification RPCD.CO.RF.BC.65/07.02.01/2006-07
dated April 4, 2007 accordingly. Further, in exercise of the powers conferred
under the amended sub-section (1) of Section 42 of the Reserve Bank of India Act,
1934, the Reserve Bank of India hereby notifies that every Scheduled State Co-operative
Bank should continue to maintain a Cash Reserve Ratio of 6.25 per cent from the
fortnight beginning from April 14, 2007 and 6.50 per cent from the fortnight beginning
from April 28, 2007, subject to the exemptions as envisaged in Notification No.RPCD.CO.RF.BC.No.76/
07.02.01/2006-2007 dated April 24, 2007.
(V.S.Das)
Executive Director