RBI Update - Reserve Bank of India Act, 1934 - Section 42(1A) - Requirement for maintaining additional CRR

It has been decided to issue a directive under Section 42(1A) of the Reserve Bank of India Act, 1934 requiring all Scheduled Commercial Banks / Regional Rural Banks / All Scheduled Primary (Urban) Co-operative Banks / All Scheduled State Co-operative Banks to maintain with the Reserve Bank of India, effective from the fortnight beginning August 12, 2023, an incremental CRR (I-CRR) of 10 per cent on the increase in NDTL between May 19, 2023, and July 28, 2023. The I-CRR will be reviewed on September 8, 2023 or earlier.

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