UCBs – Change in Daily Minimum Cash Reserve Maintenance Requirement

UBD.BPD. (SCB). CIR. No. 1 /12.03.000/2013-14

July 24, 2013

The Chief Executive Officers of
All Scheduled Primary (Urban) Co-operative Banks

Madam/Dear Sir,

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 foreign 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 now 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.

Yours faithfully,

Principal Chief General Manager

Tags: BankForeign exchange marketFortnightGeneral managerReserve Bank of IndiaReserve requirementRun batted inUrban area

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