RBI/2006-07/258
UBD(PCB)
No 2/ 12.03.000/2006-07 February
14, 2007 The
chief Executive Officers of
All
scheduled Primary (urban)Co-operative Banks Dear
Sir/Madam, Section
42(1) of Reserve Bank of India Act, 1934- maintenance of CRR Please
refer to our circular UBD(PCB)No22/16.26.000/2006-07
dated December 11, 2006 on the captioned subject. On review of the current
macroeconomic and monetary conditions, it has been decided to increase the Cash
Reserve Ratio (CRR) of scheduled primary (urban) Co-operative banks by one half
of one percentage point of their net Demand and Time Liabilities (NDTL) in two
stages, effective from fortnights as indicated below.
| Effective
date
(ie the fortnight
beginning from) | CRR
on net demand and
time liabilities (percent) | |
February
17, 2007 | 5.75 |
| March
03, 2007 | 6.00 |
A
copy of the relative notification UBD(PCB)No
2/12.03.000/2006-07 dated February 14, 2007 is enclosed. Please
acknowledge receipt. Yours
faithfully,
(K.P.V.Karunakaran)
General
Manager |