RBI/2007-2008/288
RPCD.CO.RF.BC.No.59/07.02.01/2007-08
April 21, 2008 All Scheduled State Co-operative Banks Dear
Sir, Section 42(1) of Reserve Bank of India Act, 1934-Maintenance
of CRR Please refer to our Circular
RBI/2007-2008/174 RPCD.CO.RF.BC.No.34/ 07.02.01/2007-08 dated October 30, 2007
on the captioned subject. On a review of the current liquidity situation, it has
been decided to increase Cash Reserve Ratio (CRR) of Scheduled State 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 relative notification RPCD.CO.RF.BC.NO.58/ 07.02.01/2007-08
dated April 21, 2008 is enclosed. 3. Please acknowledge receipt to our
Regional Office concerned. Yours faithfully, (G.
Srinivasan)
Chief General Manager
RPCD.CO.RF.BC.No.58/07.02.01/2007-08 April
21, 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
RPCD.CO.RF.BC.No.33/07.02.01/2007-08
dated October 30, 2007, the Reserve Bank of India hereby notifies that the
average Cash Reserve Ratio (CRR) required to be maintained by every Scheduled
State 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 |