RBI/2008-09/345
RPCD.CO.RRB.BC.No.82/
03.05.28(B)/2008-09 January 5, 2009 All
Regional Rural Banks Dear Sir, Section
42(1) of Reserve Bank of India Act, 1934 - Maintenance of Cash Reserve Ratio (CRR)-
RRBs Please refer
to our circular RPCD.CO.RRB.BC.No.59/03.05.28
(B)/2008-2009 (RBI/2008-09/264) dated November 3, 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 Regional Rural 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 RPCD.CO.RRB.No.6607/
03.05.28(B) / 2008-09 dated January 5, 2009 is enclosed. 4.
Please acknowledge receipt to our Regional Office concerned. Yours
faithfully, (B.P. Vijayendra)
Chief
General Manager
RPCD.CO.RRB.No.6607/
03.05.28(B)/2008-09 January 5, 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
RPCD.CO.RRB.No.4882/
03.05.28(B)/2008-09 dated November 3, 2008 the Reserve Bank of India hereby
notifies that the average Cash Reserve Ratio (CRR) required to be maintained by
every Regional Rural Bank shall stand reduced by 50 basis points to 5.00 per cent
of its net demand and time liabilities, effective from the fortnight beginning
January 17, 2009. (V.S.Das)
Executive
Director |