The Reserve Bank of India (RBI) on October 07, 2023, issued a notification regarding the Requirement for maintaining additional CRR
This is in modification to the Notification No. DOR.RET.REC.30/12.01.001/2023-24 dated August 10, 2023, regarding the Requirement for maintaining additional CRR
The following has been stated namely: -
• It has been directed to all Scheduled Commercial Banks / Regional Rural Banks / All Scheduled Primary (Urban) Co-operative Banks / All Scheduled State Co-operative Banks, to maintain with the Reserve Bank of India, an additional average daily balance over and above the average daily balance required to be maintained under sub-section (1) of Section 42 during the following fortnights as under namely: -
(i) September 09-22, 2023 - an additional average daily balance which shall not be less than 7.5 percent of the increase in net demand and time liabilities between May 19, 2023, and July 28, 2023.
(ii) September 23, 2023 - October 06, 2023, an additional average daily balance which shall not be less than 5.0 percent of the increase in net demand and time liabilities between May 19, 2023, and July 28, 2023.
(iii)From October 07, 2023 – Nil
[Notification No. DOR.RET.REC.35/12.01.001/2023-24]
