Diabytes
CRR News
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This will be done to ensure that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner, a statement issued by the RBI said on Friday.
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Other term deposits with the central bank are not eligible for this. However, if the term expires within 30 days, the term deposits could be considered as an inflow, the RBI circular added.
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Giving no respite to borrowers, the Reserve Bank for the second time in a row on Wednesday opted for a status quo in its key rates but shifted the stance of the monetary policy from 'accommodative' to 'neutral'.
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The BSE benchmark Sensex snapped two straight sessions of gains to close lower on Wednesday after the RBI unexpectedly kept its repo rate unchanged
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Know the highlights of RBI's fifth bi-monthly monetary policy statement, 2016-17.
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With the enhancement in the ceiling for issue of securities under the Market Stabilisation Scheme (MSS) to Rs 6,000 billion, the RBI on Wednesday decided to withdraw the incremental CRR effective the fortnight beginning December 10.
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Urjit Patel-led 6-member Monetary Policy Committee, which had in its first policy review cut interest rate by 0.25 percent in October, belied expectations to keep benchmark repo rate unchanged at 6.25 percent unanimously.
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Reserve Bank of India (RBI) is likely to cut interest rates to a six-year low on Wednesday at its first monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes.
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This will also be the first monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes following which banks witnessed surge in deposits.
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Reserve Bank's move for banks to maintain excess cash reserve ratio (CRR) requirement is likely to put an additional burden of Rs 1,050 crore on a monthly basis on the banking system, says a report.
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Faced with a spurt in deposits following demonetisation, banks are unlikely to lower interest rates as the Reserve Bank soaked up additional liquidity in one stroke by imposing 100 percent incremental cash reserve ratio (CRR).
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Government is considering a proposal to raise Market Stabilisation Scheme (MSS) ceiling beyond the existing Rs 30,000 crore to mop up extra liquidity from the system in view of demonetisation.
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Indian bonds and banking shares slumped on Monday after the central bank ordered banks to temporarily boost cash deposits with it in a bid to absorb excess liquidity generated by a government ban on larger notes.
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In order to absorb the surge in liquidity in banking system following demonetisation of high value notes, the Reserve Bank introduced an incremental Cash Reserve Ratio (CRR) of 100 per cent for the fortnight beginning Saturday.
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