{"id":301353,"date":"2023-09-13T13:30:38","date_gmt":"2023-09-13T08:00:38","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=301353"},"modified":"2023-09-14T16:45:56","modified_gmt":"2023-09-14T11:15:56","slug":"rbi-directs-commercial-rural-cooperative-scheduled-banks-to-maintain-crr-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/13\/rbi-directs-commercial-rural-cooperative-scheduled-banks-to-maintain-crr-legal-news\/","title":{"rendered":"RBI asks lenders to maintain additional daily balance to keep liquidity tight"},"content":{"rendered":"
\n

On 8-9-2023, the Reserve Bank of India (‘RBI’) decides to discontinue the Incremental Cash Reserve Ration<\/span> (‘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.<\/p>\n

    \n
  1. \n

    Release of Funds will be done as follows:<\/p>\n

      \n
    1. \n

      9-9-2023-<\/span> 25% of the I-CRR maintained<\/p>\n<\/li>\n

    2. \n

      23-9-2023-<\/span> 25% of the I-CRR maintained<\/p>\n<\/li>\n

    3. \n

      7-10-2023-<\/span> 50% of the I-CRR maintained<\/p>\n<\/li>\n<\/ol>\n<\/li>\n

    4. \n

      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:<\/p>\n

        \n
      1. \n

        9-09-2022-2023:<\/span> 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.<\/p>\n<\/li>\n

      2. \n

        23-09-2023 to 6-10-2023-<\/span> 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.<\/p>\n<\/li>\n

      3. \n

        From 7-10-2023-<\/span> NIL<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        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 <\/p>\n","protected":false},"author":67515,"featured_media":292791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[60976,60974,60973,60975,2611],"class_list":["post-301353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-additional-daily-balance","tag-cash-reserveration","tag-crr","tag-incremental-crr","tag-RBI"],"yoast_head":"\nRBI directs lenders to maintain CRR | SCC Blog<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India directed the commercial banks, RRBs, Scheduled Primary Urban Cooperative Banks to maintain cash reserve ration with RBI for some fortnights to keep liquidity 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