UCBs – CRR in increased
RBI/2009-2010/415
Ref: UBD (PCB).No./3/12.03.000/2009-10
April 21, 2010
The Chief Executive Officers of
All Scheduled Primary (Urban) Co-operative Banks
Dear Sir,
Section 42(1) of Reserve Bank of India Act, 1934-
Maintenance of Cash Reserve Ratio (CRR)
Please refer to our Circular UBD (PCB) No.2/ 12.03.000/ 2009-10 dated February 01, 2010 on the captioned subject.
2. On the basis of the current assessment and in line with the policy stance, as set out in the Reserve Bank’s Monetary Policy Statement 2010-11 issued on April 20, 2010, ithas been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Primary (Urban) Co-operative Banks by 25 basis points from 5.75 per cent to 6.00 per cent of their net demand and time liabilities (NDTL), with effect from the fortnight beginning April 24, 2010.
3. A copy of the relative notification UBD (PCB) No/2/12.03.000/2009-10 dated April 21, 2010 is enclosed.
4. Please acknowledge receipt.
Yours faithfully,
(A.K.Khound)
Chief General Manager in - Charge
Encl. 1
UBD(PCB)No/2/12.03.000/2009-10
April 21, 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 UBD(PCB)No./1/12.03.000/2009-10 dated February 01, 2010, 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 6.00 per cent of its net demand and time liabilities, from the fortnight beginning April 24, 2010.
(V.K.Sharma)
Executive Director
CAclubindia
