StCBs - Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR
RBI/2009-10/300
RPCD.CO.RF.BC.No.51/07.02.01/2009-10
February 1, 2010
All Scheduled State Co-operative Banks
Dear Sir,
StCBs - Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR
Please refer to our Circular RPCD.CO.RF.BC.No.81/07.02.01/2008-09 dated January 05, 2009 on the captioned subject.
2. On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled State Co-operative Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and time liabilities (NDTL) in two stages, effective the fortnights as indicated below:
|
Effective date |
CRR on net demand and time liabilities |
|
February 13, 2010 |
5.50 |
3. A copy of the relative notification RPCD.CO.RF.BC.No.50/07.02.01/2009-10 dated February 1, 2010 is enclosed.
4. Please acknowledge receipt to our Regional Office concerned.
Yours faithfully,
(R.C.Sarangi)
Chief General Manager
RPCD.CO.RF.BC.No.50/07.02.01/2009-10
February 1, 2010
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.RF.BC.No.80/07.02.01/2008-09 dated January 05, 2009, 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 shall, from effective dates mentioned below, be at the percentage points indicated thereagainst.
|
Effective date |
CRR on net demand and time liabilities |
|
February 13, 2010 |
5.50 |
(G. Gopalakrishna)
Executive Director
CAclubindia
