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. (V. S. Das) Executive Director |