RBI/2007-2008/293
Ref: UBD (PCB).No./4 /12.03.000/2007-08
April 22, 2008
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 RBI 2007-2008/177 UBD (PCB) Cir. No.3/12.03.000/2007-08 dated November 01, 2007 on the captioned subject. On a review of the current liquidity situation, it has been decided to increase the Cash Reserve Ratio (CRR) of Scheduled Primary (Urban) Co-operative Banks by one half of one percentage point of their Net Demand and Time Liabilities in two stages, effective from the fortnights as indicated below:
Effective Date
(i.e., the fortnight beginning from) |
CRR on net demand
and time liabilities (per cent) |
April 26, 2008 |
7.75 |
May 10, 2008 |
8.00 |
2. A copy of the relevant notification UBD (PCB) No./11/12.03.000/2007-08 dated April 22, 2008 is enclosed.
3. Please acknowledge receipt.
Yours faithfully,
(A.K.Khound)
Chief General Manager in-Charge
UBD(PCB)No/ 11 /12.03.000/2007-08
April 22, 2008
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 its notification UBD(PCB)No.10/12.03.000/2007-08 dated November 01, 2007, 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, from effective dates mentioned below, be at the percentage points as indicated thereagainst.
Effective Date
(i.e., the fortnight beginning from) |
CRR on net demand
and time liabilities (per cent) |
April 26, 2008 |
7.75 |
May 10, 2008 |
8.00 |
(V.S.Das)
Executive Director |