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CRR reduced

Posted on 18 September 2012,    
 9678    Share  Report

 

RBI/2012-13/209

DBOD.No.Ret.BC. 44/12.01.001/2012-13

 

September 17, 2012

 

All Scheduled Commercial Banks

(Excluding Regional Rural Banks)

 

Dear Sir,

 

Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of Cash Reserve Ratio (CRR)

 

Please refer to our Circular DBOD.No.Ret.BC.86/12.01.001/2011-12 dated March 09, 2012, on the captioned subject.

 

2. As set out in the Reserve Bank's Press Release 2012-2013/452 dated September 17, 2012, it has been decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 25 basis points from 4.75 per cent to 4.50 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning September 22, 2012.

 

3. A copy of the relative notification DBOD.No.Ret.BC.43 /12.01.001/2012-13 dated September 17, 2012, is enclosed.

 

4. Please acknowledge receipt.

 

Yours faithfully

 

(Murli Radhakrishnan)

Chief General Manager

 

Encls: one

 

DBOD.No.Ret.BC.43/12.01.001/2012-13

 

September 17, 2012

 

Notification

 

In exercise of the powers conferred under the sub-section (1) of Section 42 of the Reserve Bank of India Act, 1934 and in partial modification of the earlier notification DBOD.No. Ret.BC.85/12.01.001/2011-12 dated March 09, 2012, the Reserve Bank hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled Commercial Bank shall be 4.50 per cent of its net demand and time liabilities from the fortnight beginning September 22, 2012.

 

(B. Mahapatra)

Executive Director

 



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