RBI/2007-2008/177
Ref: UBD (PCB).No./ 3 /12.03.000/2007-08
November 01, 2007
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/2007-08/110 UBD (PCB) Cir. No/9./12.03.000/2007-08 dated July 31, 2007 on the captioned subject. On a review of the current liquidity situation, it has been decided to increase cash reserve ratio (CRR) of Scheduled Primary (Urban) Co-operative Banks by 50 basis points to 7.50 per cent of their demand and time liabilities with effect from the fortnight beginning November 10, 2007.
2. A copy of the relevant notification UBD (PCB) No./10/12.03.000/2007-08 dated November 01, 2007 is enclosed.
3. Please acknowledge receipt.
Yours faithfully,
(Sathyan David)
General Manager
UBD(PCB) No./ 10 / 12.03.000/2007-08
November 01, 2007
NOTIFICATION
In exercise of the powers conferred under the amended sub-section (1) of Section 42 of the Reserve Bank of India Act, 1934 and in partial modification of the notification UBD.PCB.9/12.03.000/2007-08 dated July 31, 2007, the Reserve Bank of India, hereby, notifies that every Scheduled Primary (Urban) Co-operative Bank should maintain a Cash Reserve Ratio (CRR) of 7.50 per cent of its demand and time liabilities from the fortnight beginning from November 10, 2007.
(V.S.Das)
Executive Director |
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