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UCBs – CRR reduced.



RBI/2008-2009/346
Ref: UBD (PCB).No./9 /12.03.000/2008-09

January 05, 2009

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) Cir. No.8/ 12.03.000/ 2008-09 dated November 03, 2008 on the captioned subject.

2. On a review of the current global and domestic macroeconomic situation, and as set out in the Reserve Bank's Press Release 2008-2009/1023 dated January 02, 2009, it has been decided to reduce the Cash Reserve Ratio (CRR) for Scheduled Primary (Urban) Co-operative Banks by 50 basis points from 5.50 per cent to 5.00 per cent of their net demand and time liabilities (NDTL), effective from the fortnight beginning January 17, 2009.

3. A copy of the relative notification UBD (PCB) No/ /12.03.000/2008-09 dated January 05, 2009 is enclosed.

4. Please acknowledge receipt.

Yours faithfully,

(A.K.Khound)
Chief General Manager in Charge


UBD(PCB)No/12 /12.03.000/2008-09

January 05, 2009

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./7/12.03.000/2008-09 dated November 03, 2008, 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 stand reduced by 50 basis points to 5.00 per cent of its net demand and time liabilities, from the fortnight beginning January 17, 2009.

 

CA. A. Kumar
on 07 January 2009
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