July 23, 2013
To All Scheduled Commercial Banks
(Excluding Regional Rural Banks)
Section 42(1) of the Reserve Bank of India Act, 1934 – Change in
Daily Minimum Cash Reserve Maintenance Requirement
Please refer to Press Release 2013-2014/154 dated July 23, 2013 announcing additional measures to address exchange market volatility.
2. As mentioned therein, currently, banks are allowed to maintain a minimum of 70 per cent of the required Cash Reserve Ratio (CRR) during a fortnight, which is applicable on all days of the reporting fortnight. It has been decided to increase the requirement of minimum daily CRR balance maintenance to 99 per cent effective from the first day of the fortnight beginning July 27, 2013.
Chief General Manager
Read more: Section 42(1) of the Reserve Bank of India Act, 1934 – Change in Daily Minimum Cash Reserve Maintenance Requirement http://corporatelawreporter.com/2013/07/24/section-421-of-the-reserve-bank-of-india-act-1934-change-in-daily-minimum-cash-reserve-maintenance-requirement/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+corporatelawreporter+%28Corporate+Law+Reporter+-+The+Daily+Journal%29#ixzz2aLayDvfo