RBI/2011-12/209
RPCD.CO RCB. BC No.20/03.03.02/2011-12 September 30, 2011 All State Co-operative Banks Dear Sir Advances to State Co-operative Banks under As you are aware, the interest on loans and advances granted by the Reserve Bank to State Co-operative Banks under Section 17 (4) (a) of the RBI Act, 1934 for the purpose of general banking business such as clearing adjustments, liquidity etc. is provided at Bank Rate in terms of our circular RPCD No. NB. BC.93/03.03.02/98-99 dated April 20, 1999. 2. It has now been decided that, henceforth, such accommodation will be provided to State Co-operative Banks at the repo rate. Yours faithfully (I. S. Negi)
Section I7 (4) (a) of the RBI Act, 1934 for general banking business
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Notification No : RPCD.CO RCB. BC No.20/03.03.02/2011-12Published in Community & General