April
29, 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/ 288 (RPCD.CO.RF.BC.No.59 / 07.02.01/ 2007-08) dated April 21, 2008
on the captioned subject. As set out in the Governor's Annual Policy statement
for the year 2008-09 issued on April 29, 2008, on a review of evolving liquidity
situation, it has been decided to increase Cash Reserve Ratio (CRR) for scheduled
state co-operative banks from 8.00 per cent to 8.25 per cent of their net demand
and time liabilities with effect from the fortnight beginning May 24, 2008.
A
copy of the relative notification RPCD.CO.RF.No. 62/07.02.01/2007-08
dated April 29, 2008 is enclosed.
Please acknowledge receipt to our
Regional Office concerned.
Yours faithfully
(G.
Srinivasan)
Chief General Manager in-charge
RPCD.CO.RF.No.BC.
62 /07.02.01/2007-2008
April 29, 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.No.58/07.02.01/2007-08
dated April 21, 2008, 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 be 8.25 per cent of its net demand and time liabilities from the fortnight
beginning from May 24, 2008.
(V.S.Das)
Executive Director