RBI Circular on Scheduled State Co-operative Banks: August 2007

RBI/2007-2008/108 RPCD.CO.RF.BC.No.15/07.02.01/2007-08 August 1, 2007 To All Scheduled State Co-operative Banks Dear Sir, Section 42(1) of Reserve Bank of India Act, 1934-Maintenance of Cash Reserve Ratio (CRR) Please refer to our Circular  RBI/2006-2007/339 RPCD.CO.RF.BC.No.75/ 07.02.01/2006-07 dated  April 24, 2007  on the captioned subject. On a review of the current liquidity situation, it has been decided to increase cash reserve ratio (CRR) of Scheduled State Co-operative Banks by 50 basis points to 7.00 per cent with effect from the fortnight beginning August 4, 2007. 2. A copy of the relative notification  RPCD.CO.RF.BC.No.14/07.02.01/2007-08 dated August 1, 2007  is enclosed. 3. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (Molina Chowdhury) Deputy General Manager RPCD.CO.RF.BC.No.14/07.02.01/2007-08 August 1, 2007 NOTIFICATION In exercise of the powers conferred under the sub-section (1) of Section 42 of the Reserve Bank of India Act, 1934 and in partial modification of the notification RPCD.CO.RF.BC.No.74 /07.02.01/2006-07 dated April 24, 2007, the Reserve Bank of India hereby notifies that every Scheduled State Co-operative bank should maintain a Cash Reserve Ratio of 7.00 per cent of its total demand and time liabilities, subject to the exemptions as envisaged in the notification RPCD.CO.RF.BC.No.76/ 07.02.01/2006-2007 dated April 24, 2007, from the fortnight beginning August 04, 2007. (V.S.Das) Executive Director

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/108 · issued 01 Aug 2007. The plain-English explanation above is BankPulse’s own independent summary.

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Topics: Co-operative Banks

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Key termsPlain-English definitions of terms in this circular — see the full Indian banking glossary. KYC / AML · Gross NPA (GNPA) · Deposit insurance (DICGC) · Scheduled Commercial Bank (SCB)