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RBI/2007-2008/384
RPCD.CO.RF.BC.No. 83/07.02.01/2007-08
June 26, 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 RPCD.CO.RF.No.BC.63/07.02.01/2007-08 dated April 29, 2008 on the captioned subject. On a review of current global and domestic macroeconomic and financial developments, it has been decided to increase Cash Reserve Ratio (CRR) of Scheduled State Co-operative Banks by 50 basis points to 8.75 per cent of its net demand and time liabilities in two stages, effective from fortnights as indicated below:
Effective date (i.e., the
fortnight beginning from) |
CRR on net demand and
timeliabilities (per cent) |
July 5, 2008 |
8.50 |
July 19, 2008 |
8.75 |
2. A copy of the relative notification RPCD.CO.RF.BC.NO.82/ 07.02.01/2007-08 dated June 26, 2008 is enclosed.
3. Please acknowledge receipt to our Regional Office concerned.
Yours faithfully,
(G. Srinivasan)
Chief General Manager-in-Charge
RPCD.CO.RF.BC.No. 82 /07.02.01/2007-08
June 26, 2008
NOTIFICATION
In exercise of the powers conferred under 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.BC.62/07.02.01/2007-08 dated April 29, 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 of its net demand and time liabilities 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) |
July 5, 2008 |
8.50 |
July 19, 2008 |
8.75 |
(V.S.Das)
Executive Director |