rbi

On 8-9-2023, the Reserve Bank of India (‘RBI’) decides to discontinue the Incremental Cash Reserve Ration (‘I-CRR’) in a phased manner and start releasing the amount in stages so that the liquidity is not subjected to sudden shocks and money markets function properly.

  1. Release of Funds will be done as follows:

    1. 9-9-2023- 25% of the I-CRR maintained

    2. 23-9-2023- 25% of the I-CRR maintained

    3. 7-10-2023- 50% of the I-CRR maintained

  2. RBI directed all the Scheduled Commercial Banks/ Regional Rural Banks and all Scheduled Primary (Urban) Co-operative Banks/ all Scheduled State Cooperative Banks to maintain an additional daily balance apart from the daily balance for the following fortnights:

    1. 9-09-2022-2023: an additional average daily balance which should not be less than 7.5% of the increase in net demand and time liabilities between 19-5-2023, and 28-7-2023.

    2. 23-09-2023 to 6-10-2023- an additional average daily balance which should not be less than 5.0% of the increase in net demand and time liabilities between 19-5-2023 and 28-7-2023.

    3. From 7-10-2023- NIL

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