July 24, 2013
All Scheduled State Cooperative Banks/
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.
3. All other instructions communicated in our earlier circulars remain unchanged.
4. The contents of this circular may please be brought to the notice of the Board of your bank.
Chief General Manager