RBI/2012-13/271
UBD.BPD. (SCB). CIR.No.2/12.03.000/2012-13
October 30, 2012
The Chief Executive Officers of
All Scheduled Primary (Urban) Co-operative Banks
Madam/Dear Sir,
Section 42(1) of Reserve Bank of India Act, 1934 –
Maintenance of Cash Reserve Ratio (CRR)
Please refer to our Circular UBD (SCB).Cir.No.1/12.03.000/2012-13 dated September 17, 2012 on the captioned subject.
2. As set out in the Reserve Bank's Press Release 2012-2013/ 713 dated October 30, 2012, it has been decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Urban Co-operative Banks by 25 basis points from 4.50 per cent to 4.25 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning November 03, 2012.
3. A copy of the relative notification UBD.BPD.(SCB).No. 3 /12.03.000/2012-13 dated October 30, 2012 is enclosed.
4. Please acknowledge receipt.
Yours faithfully,
(A.Udgata)
Chief General Manager-in-Charge
Encl: 1
UBD.BPD.(SCB). No. 3 /12.03.000/2012-13
October 30, 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 UBD.BPD(SCB).DIR.No. 2 /12.03.000/2012-13 dated September 17, 2012 the Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled Primary (Urban) Co-operative Bank shall be 4.25 per cent of its net demand and time liabilities, from the fortnight beginning November 3, 2012.
(S. Karuppasamy)
Executive Director
CAclubindia
