RBI/2012-13/272
RPCD.CO.RCB.RRB.BC.No.39/03.05.33/2012-13
October 30, 2012
All Scheduled State Co-operative Banks / Regional Rural Banks
Dear Sir,
Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR
Please refer to our Circular RPCD.CO.RCB.RRB.BC.No.28/07.02.01/2012-13 dated September 18, 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 State Co-operative Banks / Regional Rural 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 3, 2012.
3. A copy of the relative notification RPCD.CO.RCB.RRB.BC.No.38/ 03.05.33/2012-13 dated October 30, 2012, is enclosed.
4. Please acknowledge receipt to our Regional Office concerned.
Yours faithfully,
(C.D.Srinivasan)
Chief General Manager
Encl: one
RPCD.CO.RCB.RRB.BC.No. 38 /03.05.33/2012-13
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 RPCD.CO.RCB.RRB.BC.No.27/07.02.01/2012-13 dated September 18, 2012, the Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled State Co-operative Bank / Regional Rural Bank shall be 4.25 per cent of its net demand and time liabilities from the fortnight beginning November 3, 2012.
(V.K.Sharma)
Executive Director
CAclubindia
